Monday Aug 14, 2023

Building Trust and Governance in the Crypto Industry

Building Trust and Governance in the Crypto Industry

Satoshi Nakamoto’s vision laid out in the Bitcoin Whitepaper was for an electronic payment system based on cryptographic proof instead of trust.

In today’s episode, Ian Andrews, CMO at Chainalysis, speaks to Michael Patterson, Chief Compliance Officer of Genesis, to discuss if now is the time to introduce trust back into the crypto industry after a challenging 18 months.


Michael makes the case for trust and strong governance in crypto and emphasizes why crypto businesses should leverage functions that have been successful in traditional finance like KYC, AML, and robust cybersecurity measures.

He also highlights the challenges of balancing innovation with regulatory requirements, and the importance of striking the right balance between privacy and anonymity, while acknowledging the necessary growing pains the DeFi industry will go through in order to achieve greater resiliency and trust.

Minute-by-minute episode breakdown

  • (2:25) - Introduction of Michael Patterson and the discussion of the role of compliance officers
  • (8:35) - Reflection on the challenges and opportunities in the crypto industry
  • (13:45) - The need for trust and good governance in the crypto and blockchain industry
  • (16:37) - Balancing privacy and KYC requirements in crypto 
  • (19:12) - The implications of securities vs. commodities classification in crypto
  • (24:02) - Comparing the standards applied to crypto and traditional finance 
  • (27:05) - The potential for DeFi to attract institutional money and improve trust
  • (29:05) - The future of trust in the crypto ecosystem

Related resources

Check out more resources provided by Chainalysis that perfectly complement this episode of the Public Key.

Speakers on today’s episode

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