Below is an excerpt from the op-ed published on Tabb Forum by Solidus Labs COO Chen Arad, sharing his reflections from a TechSprint organized by the New York department of financial services, where he lead one of the winning team-> Read the full piece on Tabb Forum.
Most people agree that crypto is transforming and restructuring financial services and specifically, capital markets. Those who are focused on preventing financial crime, also know that it’s already transforming financial risk monitoring, and bringing it into the 21st century.
But there’s another piece to crypto’s transformational puzzle that many don’t realize - crypto is also instigating a major adaptation of how financial services will be regulated.
I had the opportunity to experience this firsthand when I was invited to take part in a landmark event for the crypto industry and its regulators. In March, the New York Department of Financial Services (in partnership with the Conference of State Bank Supervisors and the Alliance for Innovative Regulation) held a first-of-its-kind TechSprint which brought 80 regulators, RegTech experts, legal practitioners and crypto professionals together to come up with better ways government agencies can use data to supervise crypto markets.
During the two-week-long TechSprint, I had the tremendous pleasure of leading the team “CryptoKnight," which won the prize for “Most Industry Impact.” Like other teams, our team of 8 included former and current federal and state regulators, leading legal experts from top-notch law firms, compliance practitioners and engineers from crypto exchanges, and RegTech professionals like myself. You can see what we and other teams came up with in the full demo day video released by DFS, and read some of the coverage of the event here.
Now that a little over a month passed, I wanted to share some of my main takeaways --> Read the full article on Tabb Forum.