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Door Remote - 15 Oct 2026
Risk is moving in the opposite direction, toward separation. Early crypto firms bundled trading, custody and clearing under one roof. Today, traditional custodians hold digital assets, and the venues that execute trades are increasingly separate from the ones that safeguard them. That means no single entity has to hold every key function or become a single point of failure. Compliance and security are shifting too, from annual attestations and periodic reviews to checks that run continuously, with every transaction.
None of this required Congress, and that’s the point. Without a comprehensive framework, the industry is converging on practices any future law would find hard to ignore: verified counterparties, clear lines between trading and custody, and compliance that never stops running.
Whether these practices become a bridge to legislation or a substitute for it is still an open question, but the direction is clear. Raju offered one prediction. Within three years, he said, “we’ll probably stop using the word ‘crypto’ as tokenized Treasuries and money funds become routine.”
If he’s right, the infrastructure being built now, without a statute to guide it, will matter well beyond this cycle.
- Eric Soufer, partner and head of advanced tech, Tusk Strategies
Ask an ExpertQ. Regulatory Vulnerability: How risky is it for institutions to pour capital into infrastructure built on temporary SEC exemptions and state-level workarounds?
None of this required Congress, and that’s the point. Without a comprehensive framework, the industry is converging on practices any future law would find hard to ignore: verified counterparties, clear lines between trading and custody, and compliance that never stops running.
Whether these practices become a bridge to legislation or a substitute for it is still an open question, but the direction is clear. Raju offered one prediction. Within three years, he said, “we’ll probably stop using the word ‘crypto’ as tokenized Treasuries and money funds become routine.”
If he’s right, the infrastructure being built now, without a statute to guide it, will matter well beyond this cycle.
- Eric Soufer, partner and head of advanced tech, Tusk Strategies
Ask an ExpertQ. Regulatory Vulnerability: How risky is it for institutions to pour capital into infrastructure built on temporary SEC exemptions and state-level workarounds?