BitGo CEO Warns of US Market Risks After CLARITY Act Failure
BitGo CEO Mike Belshe warned of potential risks in the US market following the failure of the CLARITY Act vote. He believes that without a clear regulatory framework, the industry is moving towards universal platforms that combine exchange, brokerage, and custodial functions.
Belshe cited Coinbase as an example, noting that the company operates an exchange and holds licenses for futures trading and derivatives clearing. However, he emphasized that this model poses significant risks, particularly with regards to asset custody.
He compared the situation to the 2008 collapse of Lehman Brothers, suggesting that the consequences could be more severe if a single platform were to fail. Belshe stressed that BitGo supported and promoted the CLARITY Act and warned that banks and other traditional firms may proceed with caution due to regulatory concerns.