While the crypto industry is eager to regulate the US as the last major part of the world’s mature puzzle, sector veteran and compliance expert Tumbie Le, former Securities and Exchange Commission lawyer Tumbie Le argues that what Congress and regulators are working on is at the heart of the financial system of the future, not just today’s digital assets sector.
Le, who held top legal and regulator roles at Anchorage Digital, Bain Capital and former WorldCoin (now World Network), told Coindesk that he expects new rules coming to old regulatory employers to ultimately manage the business at the heart of the market. Moving traditional financial securities and commodity transactions to blockchain is a dramatic move for a field stuck with a legacy approach rooted in transaction processing, rooted in the long clearing and settlement approach established decades ago.
“The Crypto-Tradfi Convergence has already begun,” she said in an interview, outlined more amplified ideas in a paper she published with Austin Campbell of New York University on Monday. “When the market structure and stable laws pass, it really takes off. Honestly, it can be hard to realize you are experiencing real change when you’re going on, but I think we really have changed the way we saw the internet and how it fundamentally changed, in Toronto 2025.
So far, she was impressed by the changes lawmakers have made in the latest debate draft of the market structure bill built against the background of 21st Century Legal Innovation and Technology (FIT21). She praised her approach to obtaining multiple types of transactions within a single trading platform range and her views on blockchain maturity.
She said that legislation currently underway in Congress would be a “huge unlock” for the industry, but US financial institutions, including the SEC and Commodity Futures Trading Commission, are already in motion.
“Even regulators are aware of how to use blockchain to create better architectures for the capital market,” she said. “So the question is how can we incorporate that capital technology into making the market more efficient, transparent and fair?”
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