Mike Belshe, CEO of BitGo, warned at Korea Blockchain Week 2026 against vertically integrated digital asset firms, comparing them to a Lehman Brothers-style collapse. He identified two main risks: custody risk related to private keys and counterparty credit risk. His warning comes weeks after the Clarity Act stalled in the US Senate, leaving the market without structural guardrails. Belshe cited Coinbase as an example of this integration trend, while acknowledging that his own company BitGo, focused on custody, would benefit from a separation between trading and custody.
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