Bittrex CEO Predicts Timeline for Cryptocurrency Integration into TradFi

In five to ten years, crypto conferences like Bitcoin Miami will no longer exist, as digital assets will become part of TradFi. This was stated by Bittrex’s CEO Oliver Lynch, according to Cointelegraph.

In his view, cryptocurrencies must establish themselves as a “completely new” component of traditional finance, rather than trying to squeeze into existing products.

“You have securities, you have derivatives, you have cryptocurrency. It’s simply another component, right?” — Lynch noted.

The Bittrex CEO noted that in several jurisdictions, including the United States, regulatory authorities in trying to understand the nature of digital assets tend to view them through the lens of TradFi, which is “inefficient”.

In his view, the more “reliable” regulatory regimes are those that effectively operate without involvement of fiat currencies (crypto-on-crypto).

Lynch lamented that as the ecosystem of digital assets develops, regulatory requirements are becoming increasingly “unclear”. They are “approved without proper consultation”, which leads to a fragmented competitive environment, he added.

According to the CEO, these circumstances have made Bittrex’s operations in the United States economically unviable, prompting the decision to wind down .

As noted, on May 8 the company’s US subsidiary filed for bankruptcy protection in Delaware.

In 2023, SEC pointed to violations in Bittrex’s operations, Coinbase, Kraken, Gemini and Genesis. CFTC filed a lawsuit against Binance and its CEO Changpeng Zhao.

Earlier, Coinbase CEO Brian Armstrong noted that regulatory policy regarding cryptocurrencies will negatively affect the United States’ financial position.