August 14, 2023

Building Trust and Governance in the Crypto Industry

33 minutes

Satoshi Nakamoto’s vision laid out in the Bitcoin Whitepaper was for an electronic payment system based on cryptographic proof instead of trust.

In today’s episode, Ian Andrews, CMO at Chainalysis, speaks to Michael Patterson, Chief Compliance Officer of Genesis, to discuss if now is the time to introduce trust back into the crypto industry after a challenging 18 months.

Michael makes the case for trust and strong governance in crypto and emphasizes why crypto businesses should leverage functions that have been successful in traditional finance like KYC, AML, and robust cybersecurity measures.

He also highlights the challenges of balancing innovation with regulatory requirements, and the importance of striking the right balance between privacy and anonymity, while acknowledging the necessary growing pains the DeFi industry will go through in order to achieve greater resiliency and trust.

Minute-by-minute episode breakdown

(2:25) - Introduction of Michael Patterson and the discussion of the role of compliance officers

(8:35) - Reflection on the challenges and opportunities in the crypto industry

(13:45) - The need for trust and good governance in the crypto and blockchain industry

(16:37) - Balancing privacy and KYC requirements in crypto

(19:12) - The implications of securities vs. commodities classification in crypto

(24:02) - Comparing the standards applied to crypto and traditional finance

(27:05) - The potential for DeFi to attract institutional money and improve trust

(29:05) - The future of trust in the crypto ecosystem

Related resources

Check out more resources provided by Chainalysis that perfectly complement this episode of the Public Key.

Website: Genesis Trading: Institutional Access. Global Scale.

Reports :Quarterly Reports In-depth insights from Genesis on the state of institutional digital asset markets.

Market Insights: Genesis Market Insights (sign up for crypto market analysis from the Genesis)

Blog: Crypto Crime Mid-year Update: Crime Down 65% Overall, But Ransomware Headed for Huge Year Thanks to Return of Big Game Hunting

Report: The Chainalysis Crypto Myth Busting Report

YouTube: Chainalysis YouTube page

Twitter: Chainalysis Twitter: BuildCareers at Chainalysising trust in blockchain

Tik Tok: Building trust in #blockchains among people, businesses, and governments.

Telegram: Chainalysis on Telegram

Speakers on today’s episode

Ian Andrews * Host * (Chief Marketing Officer, Chainalysis)

Michael Patterson (Chief Compliance Officer, Genesis)

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