Subscribe To Our Newsletter

    Get the latest crypto news right into your email box. No spamming. We hate it too. Only pertinent news you need to know

    Latest News

    Coinbase Fixing Problem That Halted Payments From US Banks

    October 9, 2022

    Binance May Spend Over $1 Billion This Year on Deals, CZ Says

    October 9, 2022

    Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

    May 1, 2022
    Facebook Twitter Pinterest LinkedIn
    RareHippo – Crypto, Bitcoin, Blockchain News & Views
    Facebook Twitter Pinterest LinkedIn
    • Home
    • Bitcoin
    • NewsWire
      1. Latest News
      2. Top Stories
      3. Features
      4. What’s Hot
      5. Must Read
      6. Trending
      7. Spotlight
      8. Editors’ Picks
      9. View All

      Coinbase Fixing Problem That Halted Payments From US Banks

      October 9, 2022

      Binance May Spend Over $1 Billion This Year on Deals, CZ Says

      October 9, 2022

      El Salvador’s Companies Barely Bother With Bitcoin

      March 19, 2022

      New Jersey legislation aims to prevent public officials from being gifted NFTs

      March 18, 2022

      Coinbase Fixing Problem That Halted Payments From US Banks

      October 9, 2022

      Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

      May 1, 2022

      Crypto’s Preferred Currency for Political Donations Isn’t Bitcoin. It’s Dollars

      March 19, 2022

      Meta Sued by Australian Watchdog Over Scam Crypto Advertisements

      March 18, 2022

      Binance May Spend Over $1 Billion This Year on Deals, CZ Says

      October 9, 2022

      Two Senators propose crypto legislation for tax exemption on capital gains

      May 1, 2022

      Wall Street Reluctantly Embraces Crypto

      May 1, 2022

      Warren bill draws outcry over broad terms, but seems unlikely to pass

      March 20, 2022

      Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

      May 1, 2022

      Russia-Ukraine War Is Bringing Out the Good, Bad, & Ugly of Cryptocurrencies

      March 18, 2022

      The ‘world’s most advanced’ digital human wants you to buy her NFT art

      March 15, 2022

      FTX crypto exchange wins license in Dubai to open regional headquarters

      March 15, 2022

      Crypto Startup Founded by Ex-Meta Employees Raises $200 Million

      March 16, 2022

      U.K. Crime Agency Wants to Regulate Crypto Transaction Mixers

      March 15, 2022

      A Wall Street Quant Turns His Crypto Firm Into a Unicorn

      March 14, 2022

      Standard Chartered’s crypto custodian to help clients earn yield on token holdings

      March 14, 2022

      Man passing as UN affiliate convicted for crypto scheme

      March 18, 2022

      The Future of Crypto Is Boring — and Bright

      March 15, 2022

      Investors turn to crypto funds, companies as Russia-Ukraine crisis escalates

      March 15, 2022

      Binance Wins Crypto Licenses From Dubai, Bahrain

      March 15, 2022

      Why Bitcoin’s Environmental Problems Are So Hard to Fix

      March 16, 2022

      Americans Want Crypto From Their Banks

      March 15, 2022

      Why Decentralized Exchanges Are Important in the Crypto Economy

      March 10, 2022

      Binance plots M&A spree as regulators scrutinize crypto trading unit

      March 10, 2022

      Amid New Executive Order, White House Director Sheds Light On Crypto Policy

      March 16, 2022

      Bitcoin Evangelist Saylor Tells Economists Why They’re Wrong

      March 15, 2022

      Crypto Mania in Texas Risks New Costs and Strains on Shaky Grid

      March 15, 2022

      Bitcoin’s scared of commitment, Mr. Biden

      March 15, 2022

      Coinbase Fixing Problem That Halted Payments From US Banks

      October 9, 2022

      Binance May Spend Over $1 Billion This Year on Deals, CZ Says

      October 9, 2022

      Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

      May 1, 2022

      Two Senators propose crypto legislation for tax exemption on capital gains

      May 1, 2022
    • Altcoins
      • Ethereum
      • XRP-Ripple
      • Solana
      • Dogecoin
      • Cardano
      • Shiba Inu
    • Topics
      • Cryptocurrencies
      • Investments
      • Markets
      • NFTs
      • DeFi
      • ETFs
      • DAOs
      • Crypto Regulation
      • Metaverse
      • Blockchain & Web3
      • Blockchain Gaming
      • Crypto Exchanges
      • Crypto Mining
      • Stablecoins
      • Cybersecurity
      • Digital Currencies – CBDC
      • Crypto Book Reviews
      • Technology
      • Internet of Things
    • Opinions
    • Explainers
    • Press Releases

      Former Uber LatAm Head of Policy Leads Crypto Ride-Hailer Drife Toward Planned Global Expansion

      March 7, 2022

      European index provider for crypto assets Vinter raises $3.4m funding

      February 22, 2022

      PR – British crypto processor brings in $60 million for expansion in Europe

      January 25, 2022

      PR – CoinMENA obtains 2nd crypt0 license from European Union

      January 25, 2022

      NFT investment specialist looks to acquire Pluto Digital for £96m

      January 24, 2022
    RareHippo – Crypto, Bitcoin, Blockchain News & Views
    Home»Crypto Regulation»Foggy Regulations Challenge Crypto, Gemini Compliance Chief Says
    Crypto Regulation

    Foggy Regulations Challenge Crypto, Gemini Compliance Chief Says

    By Mengqi Sun
    December 31, 2021By The Wall Street Journal6 Mins ReadNo Comments
    Facebook Twitter LinkedIn Pinterest Reddit WhatsApp Email Tumblr VKontakte Telegram
    Share
    Facebook Twitter Pinterest Reddit WhatsApp Email LinkedIn Tumblr Telegram

    Opaque regulations remain a top challenge for the cryptocurrency industry, according to Elena Hughes, chief compliance officer of cryptocurrency exchange Gemini Trust Co.

    She joined New York-based Gemini in May 2020 after more than a decade of compliance work for traditional financial institutions such as Morgan Stanley and Goldman Sachs Group Inc. Gemini was launched in 2015 by twin brothers, Cameron Winklevoss and Tyler Winklevoss.

    Donate to RareHippo Now!

    Ms. Hughes said she found navigating the evolving regulatory landscape at Gemini similar to the process of financial firms implementing the Bank Secrecy Act, an anti-money-laundering rule, and its amendments in the early 2000s.

    Ms. Hughes manages about 40 people at Gemini’s compliance team, working on issues such as transactions monitoring and investigations and customer onboarding, and reports to the company’s chief legal officer. One major industrywide issue she is working on is the so-called travel rule.

    The U.S. Treasury Department last year proposed rules that would apply an existing banking regulation known as the travel rule to transactions in cryptocurrency. The Treasury Department said banks and cryptocurrency trading platforms would have to collect, keep and pass on records of a customer’s cryptocurrency transactions and counterparties—including verification of their identities—for any transactions exceeding $3,000. The Treasury issued its proposed rules and sought comments from the public but has yet to complete the rules.

    The Wall Street Journal spoke with Ms. Hughes about her experience transitioning from a more conventional financial-industry career to working for a financial technology firm, the hiring of compliance professionals and her perspective on the challenges Gemini faces in the coming year. Edited excerpts follow.

    WSJ: Why did you decide to switch from working for traditional financial institutions to a crypto startup and how did you navigate that transition?

    Ms. Hughes: I spent most of my professional private sector career in the anti-money-laundering space…When I joined the industry in 2007, we were still feeling around and iterating on what [the USA Patriot Act] actually looks like for some of these firms, broker-dealers and others who may not have been subject to as comprehensive of a AML framework back in the day.

    It was interesting to grow up in that industry and see the industry iterate through a variety of scandals, from Ponzi schemes to the financial crisis of 2008, what the fallout from that was and some of the iterative financial crime activities that firms continue to identify. What really appealed to me about Gemini specifically—and perhaps the crypto space more broadly—is this ability to continue to iterate and manage this risk while operating in what I like to call “the gray.”

    I think what was really awesome about making the transition to Gemini is the fact that Gemini itself is well regulated. The framework for compliance that was in place even before I joined was familiar to me, in terms of the thought process around structuring a financial crime program, which at its core begins with identification of risks, understanding what products we’re dealing with, what customers we are seeking to target, how we distribute our products. It’s the same fundamentals.

    The difference is, of course, in the asset class itself, and some of the nuances around how we surveil and monitor for activity in this asset class that goes beyond just your traditional money-laundering typologies that we’re all used to from an asset transfer perspective.

    WSJ: What does the hiring of compliance professionals look like for Gemini in this tight labor market and in an industry seeing rapid growth?

    Ms. Hughes: I think that the market is indeed very competitive right now…We’re looking to add on and iterate because what we’re dealing with on a day-to-day basis is assessing risks and identifying emerging risks. The company is growing and we need to adjust to those risks…if we’re entering a new jurisdiction, for example.

    The number of challenges that we’re faced with are so super interesting to solve that really makes compliance exciting…But for me, it is for these really innovative issues that we’re dealing with. And because from a U.S. perspective alone, there’s no one single regulator that oversees all today, and so we have [multiple] regulators that we’re beholden to, rightfully so. We embrace regulations from [the New York State Department of Financial Services], to the multitude of state regulators and the like. It all takes really creative and iterative staff to ensure that we’re pulling all the right levers and are complying with all the right requirements.

    WSJ: What are some of the challenges you’re thinking about for the upcoming year?

    Ms. Hughes: One of them is the continuous, certain lack of regulatory clarity in certain aspects of the industry or the business that we engage in. The other one is the travel rule compliance initiative that we have undertaken as an industry that is applicable to us. The asset class or the blockchain technology is such that, even if you want to comply, unless you want to broadcast your customer information on the blockchain, there’s really no method or [the method] did not exist to enable the firms to comply in a meaningful way.

    So this decentralized industry has come together and formed this solution effectively, [which] is to utilize this centralized mechanism to identify who is on either side of the transfer.

    This U.S. Travel Rule Working Group, which now has been retitled to “Trust,” [an acronym for the Travel Rule Universal Solution Technology] is effectively a conglomerate or amalgamation of these players in the space, ourselves and Coinbase and others, that have partnered up to create this compliance-focused regulatory solution to comply with the rule.

    I think it’s an extremely powerful theme because it negates some of the fundamental criticism that crypto firms don’t want to comply or they’re unregulated or it’s a free-for-all.

    We really are here collectively because we’re passionate about this industry. We’re passionate about this asset class. And our view is to make this work, you need to continue to instill trust in this ecosystem. And to get there, you need to ensure that folks are operating above board. And that’s how we’re thinking about it.

    Crypto news & Views

    Read full story on The Wall Street Journal

    Crypto Regulation Investment
    Previous ArticleSEC Commissioner Hester Peirce Says Washington Doesn’t Need a New Crypto Regulator
    Next Article Bitcoin Is Braced For A $6 Billion Earthquake As A Crypto Price Crash Hits Ethereum, BNB, Solana, And XRP

    Related Posts

    Coinbase Fixing Problem That Halted Payments From US Banks

    October 9, 20221 Min Read

    Binance May Spend Over $1 Billion This Year on Deals, CZ Says

    October 9, 20223 Mins Read

    Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

    May 1, 20224 Mins Read

    Two Senators propose crypto legislation for tax exemption on capital gains

    May 1, 20225 Mins Read

    Wall Street Reluctantly Embraces Crypto

    May 1, 20225 Mins Read

    Warren bill draws outcry over broad terms, but seems unlikely to pass

    March 20, 20225 Mins Read
    Add A Comment

    Leave A Reply Cancel Reply

    Donate to RareHippo Now!
    Latest News

    Coinbase Fixing Problem That Halted Payments From US Banks

    October 9, 2022

    Binance May Spend Over $1 Billion This Year on Deals, CZ Says

    October 9, 2022

    Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

    May 1, 2022

    Two Senators propose crypto legislation for tax exemption on capital gains

    May 1, 2022

    Wall Street Reluctantly Embraces Crypto

    May 1, 2022
    Follow US & Win Prizes
    • Facebook
    • Twitter
    • LinkedIn
    • Pinterest
    Don't Miss
    DAOs

    Makers of Magic The Gathering Threaten DAO With Lawsuit Over IP

    February 15, 20223 Mins Read

    Copyright and intellectual property issues are moving front and center in Web3 as more and…

    NFL Lobbied SEC on ‘Blockchain Technology’ Issues: Report

    February 12, 2022

    Cryptocurrency investors suffer £500bn loss in a month

    January 25, 2022

    ECB Urges Haste on Crypto Regulation in Wake of Russian Sanctions

    February 25, 2022

    Subscribe to Our Newsletter

    Get the latest crypto news right into your email box. No spamming. We hate it too. Only pertinent news you need to know

    Crypto news & Views
    Facebook Twitter Pinterest LinkedIn
    • Home
    • Privacy Policy
    • About Us
    • Donate to RareHippo
    • Get In Touch
    • NewsWire
    © 2023 RareHippo. Powered by 8 Dimensions

    The content of this website is for informational purposes only and is not intended as a substitute for investment or financial advice.

    Type above and press Enter to search. Press Esc to cancel.