DeFi, derivatives and fixing an antiquated financial system: Kristin Boggiano

Kristin Boggiano, a lawyer and co-founder of the CrossTower digital asset exchange, developed her ethos on protecting the vulnerable while working and living in the Amazon during the 1980s, helping fight for the rights of the Cofn people against the Big Oil companies. She later worked creating mortgage-based derivatives on Wall Street right before exotic derivatives shouldered part of the blame for causing the global financial crisis, or GFC. In the aftermath, she put her inside knowledge to good use as a regulatory lawyer helping shape market reforms.It was partly due to the GFC that institutions were slow to adopt Bitcoin in the early 2010s, she says.I came upon [Bitcoin] from the perspective of a lawyer, because my clients wanted to buy and trade it. I had to figure out what it was and how to trade it, she recalls, looking back on the early days of crypto markets between 2011 and 2013.Back then, her clients were not ideological types they were institutions that saw opportunities in arbitrage. They didn’t have any philosophical desire to change the world with Bitcoin. They just saw it as an asset class, even as early as 2011 and 2012. One of these clients was Western Union, a financial services business she was representing.But Bitcoin soon faced a reckoning with the collapse of its primary exchange, Mt. Gox, and the much-publicized arrest of Ross Ulbricht, who was operating the Silk Road darknet market.As soon as Silk Road happened, and Mt. Gox, I think …
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