Efforts to exclude crypto firms from the provision of a number of different core financial services are doomed to fail. The only correct response is to bring them inside the federal regulatory perimeter, writes Summer Mersinger, of the Blockchain Association.
Chris Ratcliffe/Bloomberg
A U.S. bank charter has always been a public-private compact: If you want access to the nation’s financial infrastructure, you accept rigorous supervision in return. That compact hasn’t changed. What has evolved is the range of firms and technologies now performingcore functions of the financial system. Payments, custody, settlement and reserve management increasingly rely on digital infrastructure, including blockchain-based systems.
