Bitgo CEO Mike Belshe feels good. Not necessarily about recent market volatility, or about the long game of American crypto, rather than about the 9% or more drop in Bitcoin prices since the White House crypto summit he attended with other leaders in the industry.
“We finally have an attractive regulator… these are all stuck conversations, so the fact that they’re not stalling anymore is phenomenal,” Berche said.
After years of congestion and overlapping federal hostilities with the Securities and Exchange Commission, Berchett’s early and vocal supporters of DC’s code advocacy — says the dam has broken. “These brakes are now off,” he said. “Everyone is working on that.”
Berche was one of the first supporters of the crypto industry’s Trump campaign. He held a campaign fundraising event last summer, featuring his then-mate JD Vance. At the recent White House Crypto Summit, Belche sat with Coinbase’s Brian Armstrong, strategy CEO Michael Saylor, and the Winklevos Twins. The Round Table focused primarily on high-level issues in Crypto in the US, where clarity was most useful. Top of the list: Stablecoins.
As money covers this year, Congress is trying to push for major stubcoin laws. Even Trump Family’s World Liberty Financial is taking part in the game with the new USD1 Stablecoin, which Bitgo is helping to launch.
“It’s going to replace all your payments. What you wanted is a bank, but you never had,” Berchet said of the digital dollar.
But Bitgo not only powers other Stablecoins backends like USD1, but the company is preparing to launch its own Stablecoin. According to Berchet, the idea is to create a safer, more fluid alternative to banks.
“They are designed for fast fluidity,” he said. “They are only a fewer than the banks we have in the past.
But it’s not just about building something good. There is also a geopolitics issue. Belshe believes that Stablecoins’ encryption and attitude architecture could become a powerful tool for US dollar diplomacy. “We have a president who is thinking about how to keep the dollar strong… how do you get more dollars for more people? And I think he’ll find a stubcoin.”
Tether CEO Paolo Aldoino, who leads the largest stubcoin by market capitalization, claims most of the same merits as all stubcoin issuers submit full court press to bring Congressional approval to justice. But the biggest battle is still brewing, Berchet says. So far, it appears that Congress doesn’t want it to be allowed.
The story continues