The Crypto industry has been desperate for US regulation as the last major part of its global maturity puzzle, but sector veteran and compliance expert Tuongvy Le, a former securities and exchange commission’s lawyer, claims that what Congress and regulators are working on is not only for today’s digital assets but for the future of the future financial system.
Le, who has held the top legal and regulator positions at Anchorage Digital, Bain Capital and the former Worldcoin (now World Network), Coindesk told that she expects the new rules that come to her old regulatory employer will eventually control the company in the heart of the markets. Migration of securities and raw material transactions in traditional financing for blockchain is a dramatic step for a field that has been firmly in a legacy approach to handling transactions rooted in long -term clearing and settlement methods established decades ago.
“The Crypto-Tradfi Convergence has already started,” she said in an interview and outlined ideas further reinforced in a paper she published with New York University’s Austin Campbell on Monday. “When the market structure and stablecoin legislation are passed, it will really leave. Honestly, it can be difficult to realize that you undergo a real transformation when it happens, but I think we will look back in this way, we looked at the Internet and how the fundamentally changed, how we communicate and interact as a society. Consensus 2025 in Toronto.
She has so far been impressed with the changes made by congress legislators in the latest draft draft market structure proposal, built on the back of the previous session’s financial innovation and technology to the 21st century law (Fit21), which calls it “much more practical, useful and streamlined.” She praised her approach to getting more types of transactions under the range of single trading platforms and also its views on blockchain maturity.
She said that the legislation underway in Congress right now will be a “huge unlock” for the industry, but the US financial agencies, including SEC and Commodity Futures Trading Commission, are already moving.
“Even the regulators recognize how blockchains can be used to create better architecture for the capital markets,” she said. “So the question is, how can we start incorporating this capital technology in a way that makes markets more efficient and transparent and fair?”
She worked enforcement cases in SEC and claims that many of those involving the broker’s mismatch, market manipulation and fraudulent reporting could have been prevented if transactions were alive and transparent, with fewer intermediaries required.
“Much of the industry has been begging for legislative clarity for years, not only because of being under the constant threat of enforcement measures or even criminal charges is no way to regulate an industry, but because having a clear regime in place makes it easier to distinguish between good and bad actors,” she said, ” Hazards for business than businesses than to comply with the stores.
“Sometimes clarity is more important than what the laws actually say because companies will find a way to work with it,” she said.
Le expects US legislators to also build new resources for market regulators when they take on the crypto supervision, but these agencies will also have to expand their expertise because you “can’t regulate what you don’t understand.”
“CFTC, especially if it gets a lot of this new authority over the Crypto Spot Markets, will really have to get better resources,” she noted. “They just aren’t there right now.”
Crypto legislation is a highest priority on Capitol Hill – despite some setbacks as politics and President Donald Trump’s own crypto interests have disturbed its path.
“The wind is really at the back of the industry right now, and if we can get legislation right, it will really loosen a golden age for financial innovation,” Le said.
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