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The Big Whale: In the space of a few days, the SEC has just made several decisions penalising staking activities and the stablecoin sector. What do you think about this?
Frank Desvignes: It's not that surprising. You have to bear in mind that we are only a few months after the FTX scandal which, it should be remembered, is an American player. So the US securities regulator wants to get tougher.
But more fundamentally, what's happening in the US shows just how important it is to have regulation. In the absence of clear rules, it's up to the regulator to define them as they go along, and there is no legal certainty.
These events are a huge opportunity for Europe. Many people are complaining about MiCA, and there are effectively some problems, but overall the European ecosystem will have clear rules.
Wouldn't other regions of the world also benefit? Asia and the Middle East come to mind...
Of course. True Global Ventures is a rather special fund because we are decentralised. The founders (around fifteen, editor's note) are spread around the planet, which gives us good visibility of the global market, and indeed things are happening outside North America and Europe.
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