Exchange Ranking
Top Exchanges
24h Volume Ranking
Popularity Ranking
Exchange BTC Balance
Proof of Reserves
Decentralized Exchanges
Funding Rate
Funding Heatmap
Liquidation Data
Max Pain
Long/Short Ratio
Whale L/S Ratio
Binance/Okex/Huobi L/S
Bitfinex Margin L/S
ETF Tracker
Solana ETF
XRP ETF
Hong Kong ETF
Bitcoin Treasuries
Crypto Reversal
Ethereum Reserves
HyperLiquid Wallet Analysis
Hyperliquid Whale Watch
Large Transactions
On-chain Movement
Bitcoin ROI
Stablecoin Market Cap
Options Analysis
News
Articles
Economic Calendar
Features
Wallet
Contract Calculator
Security
Collections
Watchlist
FollowingBitGo首席执行官警告：美国数字资产市场面临结构性风险
参议院未能推进《数字资产市场清晰度法案》（Digital Asset Market Clarity Act），BitGo首席执行官迈克·贝尔什（Mike Belshe）就此发出了严厉警告，指出美国数字资产市场正面临严峻的结构性风险。贝尔什在2026年韩国区块链周（Korea Blockchain Week 2026）上发表上述观点，此时距离华盛顿最具雄心的加密货币市场结构法案遭遇程序性阻碍仅过去数周。
立法受阻与道德争议
2026年9月15日，参议院以49票赞成、50票反对的结果否决了对《2025年数字资产市场清晰度法案》（H.R. 3633）的终止辩论动议，这实际上终结了该法案在本届国会剩余任期的前景。所有在场的民主党议员均投了反对票，理由是法案中关于总统加密货币收益的道德条款尚未解决。
一站式服务与集中风险
贝尔什指出，缺乏明确的市场结构定义，可能导致公司成为集数字资产交易和托管于一体的“一站式”服务商，而无需遵守传统上用于分离金融职能的安全保障措施。他援引一些已将交易所、经纪业务和托管业务整合在同一平台下的案例，证明这种模式正在兴起。
He divides this risk into custody risk and counterparty credit risk. He said that under the traditional model, the exchange has never really held custody of any assets. However, digital assets are unique because control is in the hands of the private key, and once the private key is lost or stolen, the token may never be recovered.
Belsh said the risks posed by this business combination are more worrying than the collapse of Lehman Brothers: while the failure of a broker could lead to local losses, if the same entity also operated a trading platform and held client assets, its collapse could drag the entire market into crisis.
Post-vote regulatory vacuum
Belsh believes that traditional financial market structures have created security barriers around these risks, while the digital asset industry is increasingly building large integrated platforms in the absence of a corresponding legal framework. The failure of the vote means that the cryptocurrency industry may have to wait until next year before the CLARITY Act is reviewed. In the absence of congressional action, regulation of cryptocurrencies will continue to be formulated separately by each agency and will change as the administration changes.
Belsh also said that BitGo could continue to operate even without the CLARITY Act. The company has been deeply involved in the digital asset industry for 13 years. It is worth noting that Belsh's position in this debate is quite meaningful. As a company focused on custody, a world of separation of transactions and custody--unsurprisingly--is more in line with its business model.
Still, the structural concerns he raised reflect broader regulatory gaps that analysts and legal experts have pointed to since the bill collapsed. The core concern is that without clear rules governing interconnected business functions, the failure of major platforms may affect more market activities at the same time. Currently, the CLARITY Act is stalled after a Senate vote in September, while the U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) continue to develop rules under their existing authority.
