CLARITY Act · US Senate · U.S. · The Block
BitGo CEO confirms Clarity’s failure departed capital markets exposed to risk potentially worse than Lehman
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BitGo (BTGO) CEO Mike Belshe said the U.S. Senate’s failure to advance the Clarity Act has left American capital markets exposed to a structure in which a single firm can combine exchange, brokerage, and custody functions for digital assets.
Key facts
- During an interview with The Block at Korea Blockchain Week 2026, Belshe said BitGo had supported the bill and wanted it passed
- Regarding counterparty credit risk, Belshe compared the same "one-stop-shop" setup to the 2008 failure of Lehman Brothers, only worse
- BitGo (BTGO) CEO Mike Belshe said the U.S. Senate’s failure to advance the Clarity Act has left American capital markets exposed to a structure in which a single firm can combine exchange, brokerage
- Meanwhile, Belshe also shared his views on Maelstrom CIO Arthur Hayes' argument on stage at Korea Blockchain Week that stablecoins and other digital currencies cannot be a native currency for AI
Summary
BitGo (BTGO) CEO Mike Belshe said the U.S. During an interview with The Block at Korea Blockchain Week 2026, Belshe said BitGo had supported the bill and wanted it passed. The BitGo CEO said firms are building one-stop shops that cover trading, brokerage, and custody without the market structure to mitigate risks. “Exchanges have never held custody, never, of anything,” Belshe said. At a time when every player is going digital, firms becoming the one-stop shop will be the "preeminent heart" of the market, Belshe said.