EXCLUSIVE: Crypto Regulators, Are You Listening? Bitget’s Managing Director Gracy Chen Has Some Recommendation For You.


Cryptocurrency derivatives trade Bitget’s Managing Director Gracy Chen has expressed optimism about seeing progress on the coverage entrance for the cryptocurrency trade over the approaching years as policymakers “proceed to know” the challenges and alternatives introduced by the trade.

In an interview with Benzinga, Chen mentioned that regulators should be extra prepared to interact in constructive dialogue and cooperation with trade members to kind rules within the curiosity of innovation and market members.

“As of now, there are totally different businesses just like the SEC (Securities and Alternate Fee) and the CFTC (Commodity Futures Buying and selling Fee) taking steps to manage totally different features of the cryptocurrency trade. Some [referring to SEC Chair Gary Gensler] refused to touch upon whether or not Ethereum ETH/USD is a safety or not whereas others [referring to CFTC Chair Rostin Behnam] take into account it to be a commodity. To clear confusions like these, they should discuss to us and take a collaborative method to manage the trade,” she mentioned.

Chen mentioned solely by way of dialogue can regulators perceive the challenges within the cryptocurrency house.

“I feel a regulatory framework will likely be an necessary dialogue within the house for the upcoming few years, a minimum of 5 years,” she added.

Requested if Bitget was impacted over the past 12 months amid a “crypto winter,” Chen mentioned a crypto winter is the very best season as a result of it’s a golden window for progress.

She added that, throughout a bull market, if an organization is doing one thing effectively, everybody can see it. Nevertheless, it is just throughout a bear market that individuals have a tendency to go away somewhat than construct, she added.

“Within the final 12 months, Bitget has grown from tenth in trade rating, to the highest 5. Now we have a transparent objective. We wish to proceed to serve increasingly more customers and grow to be a top-three crypto trade when it comes to buying and selling quantity within the subsequent three to 5 years. So I feel extra visits to our platform is an efficient begin. And likewise constructing a stronger ecosystem is one other necessary step we’re taking in the direction of that,” she mentioned.

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Final month, Bitget dedicated $100 million to a brand new fund centered on supporting Web3 tasks in Asia. By the Asia-specific fund, the trade seeks to assist tasks that work on real-world issues and have a transparent roadmap.

Requested if the trade really has surplus funds to speculate tens of millions amid a banking disaster, Chen mentioned that, whereas she was unable to disclose the precise numbers, Bitget has “sufficient” surplus funds to concurrently have a $400 million fund for cryptocurrency tasks outdoors Asia.

“Nevertheless in Asia, we see numerous enhancements in rules in Hong Kong … and there have at all times been numerous tasks happening in Asia, particularly Southeast Asia. So we wish to faucet into the potential of the Asian market, house to a rising variety of crypto customers and innovators,” she famous.

Chen added that the U.S. has at all times been a hub for innovation within the cryptocurrency house, even within the early days of Bitcoin BTC/USD.

“Now, numerous international locations the world over are embracing crypto and blockchain know-how. The hub now could be shifting from the US to in every single place globally. In Asia, there’s numerous progress in international locations like India, China (together with Hong Kong), Korea, and the Philippines, and there are many main gamers within the crypto trade,” she mentioned. In Europe, governments are additionally taking a proactive method in the trade, she added.

Requested if the SEC’s method in the direction of the crypto trade is driving out progress, Chen admitted, “It does have an impact.”

When requested which cities could possibly be the following cryptocurrency hub if anti-crypto insurance policies have been to drive U.S.-based corporations towards different markets, Chen mentioned Hong Kong, Singapore, Dubai, London, and Paris in Europe could possibly be poised to see great progress, particularly if entities shift their base there.

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