Bakkt COO: Most Regulators Rely on Partnerships, Move at Own Speed; Happened in Energy, Credit and Now Crypto
According to the COO of Bakkt, Adam White, regulators in the United States will be moving at their own pace. Meanwhile, he mentioned that Bakkt will be offering solutions to the demands that startups have.
Bakkt is the cryptocurrency platform launched by the Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE). The main intention behind this platform is to offer crypto-related services to institutions.
Cryptocurrencies are going to have a deep impact on the financial world in the future, and companies want to be part of it. There are several initiatives and developments that aim at bridging the gap between the traditional financial world and the cryptocurrency space but, until now, it has been a very difficult task.
Adam White, the Chief Operating Officer of Bakkt, talked about the regulatory linked to Bakkt since it was created. According to him, the main advantage of Bakkt and the ICE is that they take opaque commodities and create regulatory clarity around them. Now, they also want to do that with virtual currencies.
He then added that the company allows regulatory agencies and individuals involved technical issues such as hard forks and “deep chain de-org.”
— Adam White (@WhiteAdamL) March 14, 2019
About it, he said:
“The main advantage of Bakkt and ICE is that ICE takes opaque commodities and objects and creates regulatory clarity. It did it with energy, it did it with credit and now it plans to do it with crypto. One thing that a lot of people don’t realize is that most of the regulations rely on partnerships.”
Furthermore, White said that regulators will move at a pace that they are comfortable with. Thus, they will clearly move slower than startups that are trying to innovate and enter the market. In general, in most of the revolutions and changes, the institutional framework tends to follow the market at a slower pace.