The regulators are closing in. 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. From the Financial Action Task Force pushing forward with its guidance for Travel Rule compliance to the still-evolving European Markets in Crypto-Assets regulatory framework, and the somewhat clumsily-handed U.S. infrastructure bill, 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 ... (full story)