BitGo CEO refutes claims that the crypto industry is manipulating U.S. policies and calls for advanc

BitGo CEO rejects allegations that "the crypto industry manipulates U.S. policy" and urges the advancement of the CLARITY Act

BitGo CEO Mike Belshe refutes allegations that cryptocurrency companies are influencing U.S. policy formulation to pursue their own business interests. He called on lawmakers to advance the CLARITY Act as soon as possible and warned that delays in legislation could expose investors to unnecessary financial risks.

In an interview with Bloomberg during the TOKEN2049 Singapore conference, Belshe pointed out that clear market structure rules will strengthen investor protection. He believes that despite differences on political ethics, this should not prevent Congress from establishing a security mechanism for the digital asset market.

Belshe challenges claims that BitGo and other cryptocurrency companies manipulate regulatory decisions for their own benefit. He stressed that the industry needed consistent rules for custody, trading practices and counterparty exposure. His comments point directly to the problem of financial risk isolation in the cryptocurrency business. In traditional financial markets, custodial responsibility is often separated from counterparty credit risk, while cryptocurrency exchanges often combine these two functions.

Belshe linked this structure to multiple previous failures in the cryptocurrency industry, emphasizing the importance of separating financial responsibilities. He believes that postponing market structure legislation may expose investors to risks that are already effectively managed by the existing traditional financial system.

BitGo CEO calls for broader ethics while expanding institutional services

In addition to market structure, Belshe also expressed support for implementing stronger ethical requirements across financial markets, rather than restrictive regulations on cryptocurrencies alone. He pointed out that lawmakers should apply the same standards to digital assets, stocks, commodities and other financial instruments.

In addition, Belshe mentioned the long-standing problem of insider trading by officials in Washington and called for broader reforms across asset classes. His position shows that supporting political ethics measures is not inconsistent with supporting the advancement of the CLARITY Act, and ethical disputes cannot delay key legislative processes.

Meanwhile, BitGo is expanding its institutional financial services with an infrastructure built around secure wallets and compliant custody. Belshe said that in the long run, the Prime Brokerage business will be the company's main source of revenue.

The company spent years developing custody and storage systems before expanding into more advanced financial services. As a result, BitGo is leveraging its existing digital asset infrastructure to build structured products and prime broker services.

Belshe also analyzed how economic conditions affect institutional participation in the cryptocurrency market. In unfavorable market conditions, potential customers may postpone investment decisions, while existing customers show lower immediate sensitivity.

International expansion is also an important part of BitGo's business strategy, including its joint venture with South Korea's Hana Bank. The cooperation was reached after BitGo obtained a Korean virtual asset service provider license. Belshe further pointed out that regulatory developments in the United States are affecting the digital asset policies of other countries around the world, and countries are competing to attract cryptocurrency companies to settle down.

Bitcoin Outlook: Reflecting macroeconomic conditions and AI market development

Talking about Bitcoin, Belshe pointed out that broader economic conditions are an important factor affecting its price fluctuations. He also emphasized that the development of the artificial intelligence market is another factor affecting Bitcoin's short-term performance.

Although Belshe did not give a specific year-end price target, he expected Bitcoin to trade at a higher price than current levels. His comments linked Bitcoin's market prospects to broader financial conditions, while also reaffirming BitGo's support for clearer cryptocurrency regulation in the United States.

Ultimately, Belshe insisted that lawmakers should move forward with market structure legislation and address political and ethical concerns through rules that cover multiple asset classes.