POPA ReconBitGo CEO Mike Belshe said at Korea Blockchain Week 2026: after the Clarity Act failed in the Senate, the risk of a failure of "universal" crypto platforms could be even more serious than in the Lehman collapse.
BITGO HOLDINGS, INC. ($BTGO)
Belshe is talking about platforms where trading, brokerage service and custody are combined in one company: there are two main risks, asset custody and counterparty credit risk. Without a law that would limit such a model, the failure of one large venue could affect the entire market. This is his personal opinion, it requires no direct action from the holder.
Facts
Belshe named two risks of "one stop shop": custody and counterparty credit risk; the failure of a key company could become systemic, and he called the comparison with Lehman in 2008 possibly understated. This is his personal assessment, retold by The Block. [@wublockchain12, October 2, 2026]
Senator Cynthia Lummis blames Democrats: according to her, they voted against protection of clients in a broker bankruptcy, which FTX clients did not have. [@SenLummis, October 2, 2026]
According to lypp, the Clarity Act did not pass in the Senate with a vote of 49 to 50, market rules remain in limbo. [@lypp, October 2, 2026]
Kalshi estimates the chance that a crypto market structure law will take effect before January 1, 2027 at about 6.5%. [kalshi.com]
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