According to Odaily, Caroline Butler, the Global Head of Digital Assets at BNY Mellon, is pushing for a major reevaluation of digital asset regulations. She highlights the need for blockchain and smart contracts to revolutionize existing infrastructure significantly. The recent move by the SEC’s new acting chair to revoke SAB 121 aligns with BNY Mellon’s lobbying efforts. Butler stresses the importance of reshaping regulations to align with the evolution of capital markets, particularly focusing on wallet structures.
Reimagining Regulation for the Future
Butler advocates for a forward-thinking approach to regulation, emphasizing that regulations should not be limited to the current model. She envisions a regulatory framework that centers on wallet structures, moving away from the traditional segmented approach based on asset classes. By adopting a use-case-driven system that prioritizes and manages wallets, Butler believes this shift is pivotal for the industry.
Implications for the Industry
This call for a regulatory overhaul could have far-reaching implications for the digital asset sector. By rethinking regulations to accommodate the dynamic nature of digital assets and capital markets, stakeholders may need to adapt to a more flexible and innovative regulatory environment.
Future Regulatory Landscape
The proposed changes could lead to a more adaptive and responsive regulatory landscape that better supports the growth and development of digital assets. By embracing a use-case-driven approach, regulators may be better equipped to address the complexities of digital asset ecosystems.
Join the Discussion
What are your thoughts on the need to revamp digital asset regulations to align with the future of capital markets? Share your insights and perspectives below!
#Digital asset regulations, #future capital markets, #blockchain innovation