Regulation· ★★★· neutral·

Spartan's Kelvin Koh: Wall Street's onchain push is driven by regulation, not tech

  • —Kelvin Koh: the tech for onchain finance existed 5-6 years ago; what changed is US regulation
  • —He said Goldman Sachs built a 50+ person digital assets team but is limited to NDFs and tokenization until rules are set
  • —Demand for tokenized money market funds comes mainly from large crypto holders, not traditional institutions
  • —Kim Sung-ho: stablecoins have grown to $300B, but DeFi curator capital is only about 3% of that
Why it matters: Signals that institutional crypto inflows hinge on US regulatory progress rather than technology, and could rotate back to Asia if policy shifts.
Source: Blockmedia
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