“I think what's interesting is there is a lot of regulation in the US. It's just not cohesive and specific to this space except for places like New York and soon to be California, Louisiana.” - Thom Hook
In this episode, Ian Andrews (CMO, Chainalysis) guest Thom Hook (Global Chief Compliance Officer and U.S. Chief Compliance Officer, MoonPay) summed up in one sentence what the crypto regulatory framework is like in the USA and how its impacting crypto businesses and innovation as a whole.
Thom goes on to discuss his experience working at Circle during the early days of crypto and the challenges of building a compliance program in a rapidly evolving industry.
He provides insights into MoonPay's unique business model, which focuses on retail on and off-ramp services for cryptocurrencies and NFTs and their role as a noncustodial platform.
He also touches on topics such as banking relationships, regulatory frameworks, pig butchering and other scams in the industry and the new demand for crypto lawyers in the face of increasing regulatory pressure.
Minute-by-minute episode breakdown
2 | Thom’s story of building compliance programs from Joining Circle in 2014, transitioning to Bitstamp to landing at MoonPay
4 | MoonPay’s business model of not being a crypto exchange and making it easier for innovation to have payment rails
7 | Importance of compliance and transaction monitoring in obtaining and maintaining banking relationships
12 |Differences in regulations between the US and other countries
15 | Importance of reputation and risk assessment for partner selection and key
17 | Key takeaways from the conference panel discussion with other compliance experts
19 | Using education to combat pig butchering scams and the impact of sanctions
22 | Teaching a class on crypto regulation and its focus on regulations that have the most impact
25 | Prediction of increased demand for crypto lawyers due to regulatory pressure and excitement for innovation and growth in the crypto industry in 2024
Related resources
Check out more resources provided by Chainalysis that perfectly complement this episode of the Public Key.
Speakers on today’s episode
- Ian Andrews * Host * (Chief Marketing Officer, Chainalysis)
- Thom Hook (Global Chief Compliance Officer and U.S. Chief Compliance Officer, MoonPay)
This website may contain links to third-party sites that are not under the control of Chainalysis, Inc. or its affiliates (collectively “Chainalysis”). Access to such information does not imply association with, endorsement of, approval of, or recommendation by Chainalysis of the site or its operators, and Chainalysis is not responsible for the products, services, or other content hosted therein.
Our podcasts are for informational purposes only, and are not intended to provide legal, tax, financial, or investment advice. Listeners should consult their own advisors before making these types of decisions. Chainalysis has no responsibility or liability for any decision made or any other acts or omissions in connection with your use of this material.
Chainalysis does not guarantee or warrant the accuracy, completeness, timeliness, suitability or validity of the information in any particular podcast and will not be responsible for any claim attributable to errors, omissions, or other inaccuracies of any part of such material.
Unless stated otherwise, reference to any specific product or entity does not constitute an endorsement or recommendation by Chainalysis. The views expressed by guests are their own and their appearance on the program does not imply an endorsement of them or any entity they represent. Views and opinions expressed by Chainalysis employees are those of the employees and do not necessarily reflect the views of the company.
Public Key