Crypto Market Structures - Part 2 of Chris Zuehlke (DRW/Cumberland)

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RULEMATCH Spot On

RULEMATCH

35 episodes

4 days ago

RULEMATCH Spot On is the only podcast focused exclusively on the institutional crypto and digital assets industry. Hosted by Ian Simpson, each episode brings in-depth conversations with people "in the know" about what banks, hedge funds, asset managers and other institutions are doing in crypto and digital assets - and how they are doing it. Official RULEMATCH Channel

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Crypto Market Structures - Part 2 of Chris Zuehlke (DRW/Cumberland)

RULEMATCH Spot On

44 minutes 14 seconds

3 months ago

Crypto Market Structures - Part 2 of Chris Zuehlke (DRW/Cumberland)

As the crypto and digital assets industry continues to “grow up” - a lot of hard work is being done. Some of it is known - some of it “under the radar”.

And some of the most foundational work in digitizing capital markets is being supported by some of the largest TradFi trading houses in the world.
In Part 2 of the episode, Chris Zuehlkle, Global Head of Cumberland, the crypto arm of DRW and RULEMATCH Spot On host Ian Simpson discussed some of the latest developments present - and future - in the crypto and digital assets space.

Will OTC and lit markets continue to co-exist side by side?

What will the US GENIUS and Clarity Acts mean for stablecoins and digital assets?

How will tokenization among financial institutions develop?

What early theses in crypto have not come true?

2:16 - OTC and CLOB in Cumberland's view of market structure
5:03 - The effects of regulation on the number of market participants
7:27 - A story about Chris as a "market structure geek"
11:00 - DeFi as the sandbox and how TradFi is "cherry-picking"
12:55 - The "state of play" in tokenization
14:24 - Two important steps for the industry
15:18 - Reducing uncertainty with collateral tokenization
17:34 Tokenization in repo markets & a $100 million example
19:39 - Who will push tokenization forward?
20:03 - Privacy as a "headwind" and cooperation with Canton Network
21:27 - Why Chris treats US crypto regulation as his "kids"
23:19 The crucial role of the Clarity Act
25:26 - The chances of the SEC and CFTC working together
27:42 - Interacting with regulators and giving feedback
28:53 - A thought experiment with Reg-NMS and tokenized equities
31:14 - A comparison of US and European crypto regulation
32:49 - How Cumberland tries to stay "efficient" with regulation
34:33 - The amazing things about stablecoins and being integrated into Cumberland
37:03 - How the stablecoin bill (GENIUS Act) unlocks new utility
37:21 - The debate about fully-backed or tokenized fractional deposits
39:08 - Crypto M&A picks up
41:59 - A look back into the crystal ball

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ABOUT THE HOST: Ian Simpson is Director of Marketing and Communication at RULEMATCH as well as host of the RULEMATCH Spot On podcast, focused exclusively on the institutional crypto and digital assets industry. Previously he was Head of Marketing at Bitcoin Suisse and Head of Communications at the Crypto Valley Association. Ian is a veteran of the Swiss crypto and digital assets industry since 2017. His insights on the Swiss crypto and blockchain ecosystem have been featured in CoinDesk, the leader in blockchain news.

X: https://x.com/ian_simpson80LinkedIn: https://www.linkedin.com/in/iasimpson80/

More about RULEMATCH: https://www.rulematch.com/

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Disclaimer:The information contained in this podcast about RULEMATCH AG (“RULEMATCH”) and any guest company is for general informational purposes only and should not be considered exhaustive. They do not imply any elements of a contractual relationship nor any offering.