BitGo on Why the Travel Rule Should Not Apply to Digital Assets - Ep.266

BitGo CEO Mike Belshe and COO Jeff Horowitz talk about one of the hottest topics facing the crypto industry today: regulation. They discuss...
what BitGo does why Jeff left his successful TradFi career to go crypto how crypto compliance and custody differs from the traditional finance world the state of crypto education amongst regulators why Jeff and Mike think the infrastructure bill is a win for the crypto industry what FinCEN is doing to regulate crypto why they think the infrastructure bill’s goal of raising billions in crypto taxes could only bring in millions what FATF guidance regarding VASPs requires of crypto companies why the travel rule could lead to US customer data being shared overseas how digital assets change the implications of the travel rule how regulators are attempting to deal with DeFi what the FATF guidance means for FATF countries, like the US why DeFi is not ready for strict regulations Jeff’s views on Brian Brooks’s departure from BinanceUS the Galaxy Digital acquisition of BitGo what security issues a trillion-dollar wallet presents why BitGo refused to put a “freeze” function in its WBTC contract why Tesla and MicroStrategy purchased BTC and why other companies have been slow to follow suit whether BitGo will offer NFT solutions going forward
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Episode links

Mike Belshe -- CEO BitGo
LinkedIn: https://www.linkedin.com/in/mikebelshe/  Twitter: https://twitter.com/mikebelshe  Previous Unchained appearance: https://unchainedpodcast.com/mike-belshe-on-what-bitgos-kingdom-trust-acquisition-means-for-crypto-and-how-security-will-develop-in-the-future/  Jeff Horowitz -- CCO BitGo
LinkedIn: https://www.linkedin.com/in/jeff-horowitz-3381977
BitGo
Website: https://www.bitgo.com/ Twitter: https://twitter.com/BitGo Blog: https://blog.bitgo.com/  Galaxy Digital purchase: https://www.coindesk.com/galaxy-digital-to-buy-bitgo-for-about-1-2-billion-in-stock-cash  FATF solution: https://www.coindesk.com/us-crypto-giants-build-first-version-of-fatf-compliant-travel-rule-tool New York Trust Charter: https://decrypt.co/60110/bitgo-new-york-trust-charter-crypto-wall-street
Infrastructure bill and its implications for crypto
https://twitter.com/mikebelshe/status/1424163820726009861  https://www.wsj.com/articles/bitcoin-fans-are-suddenly-a-political-force-11629115380 https://www.coindesk.com/infrastructure-bill-house-politics https://www.cnbc.com/2021/08/16/tax-foundation-infrastructure-bill-crypto-tax-provision-is-unworkable.html https://decrypt.co/78198/senate-passes-infrastructure-bill-crypto-tax-house https://www.taxnotes.com/featured-analysis/proposal-regulate-digital-asset-transactions-should-be-struck/2021/08/13/775gf#.YRfX9GEX2GI.twitter https://twitter.com/vtg2/status/1426264859071627266 https://twitter.com/BlockchainAssn/status/1427276559052910599  Unchained coverage:  https://unchainedpodcast.com/how-congress-might-pass-laws-bad-for-proof-of-stake-and-defi/ https://unchainedpodcast.com/crypto-got-screwed-what-happens-next-in-the-senate/ https://unchainedpodcast.com/this-bill-looks-very-bad-for-crypto/
FATF and the travel rule
https://sumsub.com/blog/what-is-the-fatf-travel-rule/ Unchained coverage: https://unchainedpodcast.com/why-the-travel-rule-is-one-of-the-most-significant-regulations-in-crypto/ https://unchainedpodcast.com/why-proposed-fatf-rules-could-be-a-shock-for-defi/ FinCEN reporting
https://www.theblockcrypto.com/post/99898/what-comes-next-for-the-us-treasury-departments-plans-to-monitor-crypto-wallets  https://www.theblockcrypto.com/post/88347/treasury-crypto-wallets-reporting-rule  Unchained coverage: https://unchainedpodcast.com/why-proposed-fatf-rules-could-be-a-shock-for-defi/
Miscellaneous links
Brian Brooks’s BinanceUS departure: https://www.coindesk.com/binance-us-ceo-brian-brooks-quits-cites-strategic-differences Poly Network hack: https://www.elliptic.co/blog/the-poly-network-hack-600-million-in-crypto-stolen-and-returned-in-24-hours WBTC: https://www.bitgo.com/newsroom/press-releases/wbtc-brings-bitcoin-to-ethereum/