New Beginnings at BitGo
In a surprising twist of fate, BitGo—a titan in digital asset custody and security—has welcomed Jeff Horowitz, the former compliance officer at Coinbase, into its ranks as the new Chief Compliance Officer (CCO). This is a strategic move as BitGo looks to navigate an ever-winding road of compliance regulations.
Horowitz Steps In, Challenges Ahead
Stepping into the shoes of Matt Parrella, Horowitz has a formidable task ahead of him.
As he takes the helm of compliance and Anti-Money Laundering initiatives, his key mission will be to decode the complex and fluctuating regulatory environment facing institutional clients in the world of cryptocurrency.
In a chat with Cointelegraph, Horowitz highlighted that navigating compliance issues is no walk in the park. He remarked, “One of the biggest compliance challenges in serving institutional clients in crypto is to navigate the complex and changing regulatory landscape.” Sounds like a fun ride, doesn’t it?
A Man of Many Hats
Jeff isn’t just any compliance officer; his impressive resume includes past roles with renowned financial institutions such as Citigroup, Goldman Sachs, and Salomon Brothers. He’s also played on various significant compliance teams, including the Large Firm Advisory Committee for the Financial Industry Regulatory Authority. Can we just take a moment to appreciate how he probably collects compliance badges like ewoks collect shiny rocks?
Looking Ahead: Regulatory Clarity on the Horizon?
Horowitz shared optimistic insights about what he believes is coming down the pipeline. “We are confident that as the crypto industry continues to mature, we will see greater regulatory clarity on every level including state, federal, and international policies and regulations.”
This optimism could also benefit BitGo’s plans as they expand their offerings and venture into new markets.
BitGo’s Recent Moves
Not all has been smooth sailing for BitGo, though. The company recently settled with the U.S. Treasury over allegations of facilitating transactions in sanctioned areas using their crypto wallet services from 2015 to 2019. Ouch! Yet, despite this bump in the road, they reported a significant achievement just before Christmas, featuring a whopping $16 billion in digital custody assets.
The Road Ahead
With Horowitz on board, BitGo looks set to fortify its position in the digital asset market. CEO Mike Belshe mentioned how Horowitz’s extensive experience will be instrumental in navigating both new markets and a broadened suite of products.
Now the question is, will 2021 bring us more regulations or just more regulations… in spandex?
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