They are rapidly approaching. It’s one thing to unbundle market functions to their parts ― custody, aggregators and Prime Brokerage ― to satisfy institutional compliance departments. It’s another to keep regulators happy.

The Financial Action Task Force You must continue to follow its leadTravel Rule Compliance Still-evolving European Markets for Crypto-AssetsRegulation framework and the U.S. infrastructure bill is clumsy, the regulators are slowly tightening their noose, and I fear this may be the start of a multi-year staring match ― with the decentralized finance (DeFi) market now firmly in their sights, too.