BitGo's Mike Belshe explains why regulators should embrace the openness of the blockchain

Episode 57 of Season 3 of The Scoop was recorded remotely with The Block’s Frank Chaparro and Mike Belshe, CEO at BitGo.

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Mike Belshe founded BitGo—the crypto financial services and custody firm—in 2013 with the original intention to help solve a pinpoint he identified when entering the bitcoin market early on: how to store crypto holdings safely.

"We forget about how easy loss is", said Belshe.

Today BitGo is more wide-spanning than just storage and custody, also covering lending, trading, and prime-related financial services. The firm is expected to complete its acquisition by Mike Novogratz's Galaxy Digital by end of 2021, creating an operation the two Mikes hope will bridge the crypto world with Wall Street.

On this episode of The Scoop, Mike Belshe CEO of BitGo joined host Frank Chaparro to talk about that deal between BitGo and Galaxy, BitGo's origin story, and why regulators should embrace the openness of the blockchain. 

In Belshe's view, regulators—including Gary Gensler of the Securities and Exchange Commission—should actually lean into using blockchain to identify nefarious behavior, and say "wait a minute we have this huge tool, let's use that."

In the event that the agency deems most cryptocurrencies as securities—a scenario Belshe said was unlikely—Belshe noted that regulators would lock out the US from the market's innovation.

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