Crypto Market Structure Regulations May Ultimately Regulate the Heart of U.S. Finance: Le

The crypto industry has long sought U.S. regulation as a crucial element of its global maturation, yet TuongVy Le, a veteran of the sector and former Securities and Exchange Commission lawyer, suggests that current congressional and regulatory efforts are not solely aimed at today’s digital assets but at the foundational structure of the future financial system.

Le, who has held prominent legal and regulatory roles at Anchorage Digital, Bain Capital, and the former Worldcoin (now World Network), noted in a discussion with CoinDesk that she anticipates the forthcoming rules from her former regulatory agency will ultimately govern transactions central to the markets. Transitioning securities and commodities transactions from traditional finance to the blockchain marks a significant shift for a sector that has remained anchored to outdated practices established decades ago.

“The crypto-traditional finance convergence has already started,” she mentioned in an interview, elaborating on concepts presented in a paper co-authored with New York University’s Austin Campbell. “Once market structure and stablecoin legislation is enacted, we can expect significant advancements. It might be challenging to recognize a real transformation as it occurs, but in hindsight, we may view this period similarly to how we perceive the internet’s impact on communication and societal interaction.”

“I genuinely believe that blockchain technology and tokenization are poised to reshape the financial system,” expressed Le, who is scheduled to speak at Consensus 2025 in Toronto.

She has been encouraged by the modifications made by congressional lawmakers to the recent discussion draft of the market-structure bill, which builds on the earlier Financial Innovation and Technology for the 21st Century Act (FIT21). She praised the bill’s practicality and its framework for integrating various transaction types onto unified trading platforms, as well as its insights regarding the maturation of blockchain technology.

Le emphasized that the legislation currently being developed in Congress represents a “huge unlock” for the industry, while U.S. financial regulatory agencies, including the SEC and Commodity Futures Trading Commission, are already making strides.

“Even the regulators are coming to terms with how blockchains can enhance the architecture of capital markets,” she commented. “The challenge now is to determine how we can embed this capital technology in ways that improve market efficiency, transparency, and fairness.”

Having worked on enforcement cases at the SEC, Le is convinced that many instances of broker misconduct, market manipulation, and fraudulent reporting could have been averted with live and transparent transactions and reduced intermediaries.

“The industry has been pleading for regulatory clarity for years—not only because the constant risk of enforcement actions or criminal charges hampers regulation, but also because a clear framework helps distinguish between good and bad actors,” she noted, emphasizing that well-defined regulations can be just as valuable as their substance, as uncertainty poses greater risks than compliance challenges.

“Sometimes clarity is paramount, as businesses will adapt to the regulations in place,” she explained.

Le anticipates that U.S. lawmakers will incorporate additional resources for market regulators as they assume responsibilities over crypto oversight, but she also feels these agencies will need to grow their expertise, emphasizing that “you can’t regulate what you don’t understand.”

“The CFTC, in particular, must enhance its resources if it is to gain new authority over crypto spot markets,” she pointed out. “Currently, that capacity is lacking.”

Crypto legislation remains a priority on Capitol Hill, despite setbacks created by political factors and the interests of former President Donald Trump.

“The industry’s momentum is strong at the moment, and if we can achieve sound legislation, it could usher in a golden age of financial innovation,” Le concluded.