Veronica McGregor on Crypto Regulation, Legislative Clarity, and the Power of Self-Custody | Ep. 390

Cryptocurrency Market Regulation

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Hristina Yordanova

Managing Editor

Hristina Yordanova

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Hristina, the Managing Editor at Cryptonews.com, has a rich background in crypto journalism spanning almost a decade. She previously contributed to Cointelegraph, DappRadar, and CoinMarketCap,...

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December 3, 2024

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In an exclusive interview with Cryptonews.com, Veronica McGregor, Chief Legal Officer at Exodus, shared her thoughts on the evolving crypto landscape in the wake of Trump’s election win, the challenges of navigating outdated regulatory frameworks, and why self-custody is critical for crypto users. With over a decade of experience in crypto law, McGregor brings unique insights into the intersection of blockchain, regulation, and consumer empowerment.

Veronica McGregor’s Decade in Crypto Law

McGregor’s journey into crypto law began long before the industry gained mainstream attention.

“I’ve been in crypto since 2011,” she revealed.

“Back then, there were no laws or clients—just Bitcoin. I spent my time educating bankers and lawyers about the technology, anticipating the day when companies would need legal guidance.”

Her early adoption of crypto law and deep expertise in payments positioned her to lead legal strategy at companies like ShapeShift and now Exodus.

Trump’s Win: A Turning Point for Crypto Regulation

Trump’s return to the White House has sparked optimism in the crypto industry, particularly as Bitcoin nears $95,000. McGregor highlighted the potential for regulatory reform under the new administration.

“Trump’s win signals a loosening of the aggressive regulation-by-enforcement approach we’ve seen,” McGregor explained.

“The industry is hopeful for clear rules of the road, rather than a constant barrage of litigation from agencies like the SEC.”

Exodus faced challenges with the SEC, which blocked its public listing on a national exchange earlier this year. McGregor expressed hope for a more business-friendly approach from regulatory leaders in the coming administration.

Veronica McGregor on Regulation by Collaboration: The Need for Legislative Clarity

McGregor emphasized the importance of collaboration between lawmakers and the crypto industry to create effective regulations.

“Crypto is the only industry I’ve seen that actively asks to be regulated,” she noted.

“We want reasonable, appropriate regulations—not to be forced into outdated frameworks that don’t fit this technology.”

She also pointed out that a lack of education among lawmakers has hindered progress. Advocacy groups and trade associations, such as the Blockchain Association, play a key role in bridging this gap by educating policymakers about blockchain’s potential and addressing their concerns about money laundering, consumer protection, and crime facilitation.

Crypto’s Growing Political Influence

The 2024 election demonstrated the growing political weight of crypto voters. McGregor acknowledged the influence of single-issue voters who prioritize crypto in their decision-making.

“It’s stunning that so many single-issue voters chose crypto,” McGregor said.

“Whether it’s about protecting their wealth or embracing the philosophy of decentralization, crypto played a pivotal role in this election.”

Exodus contributed to these efforts with a $1.3 million donation to the Stand With Crypto campaign, which helped voters identify pro-crypto candidates and mobilized the industry around the election.

Exodus: Empowering Self-Custody

At the core of McGregor’s work is her belief in the importance of self-custody, which Exodus champions.

“Not your keys, not your coins,” she said.

“With Exodus, we couldn’t steal your money even if we wanted to. Self-custody is about empowering users to take control of their wealth without relying on centralized exchanges.”

Exodus’ sleek interface, customer-first philosophy, and robust features like staking and swapping make it one of the most popular self-custody wallets available.

“Our motto is simple: Keep it f**ing simple,”* McGregor added with a laugh.

“People need to know exactly what’s going on with their money, and Exodus makes that possible.”

Exodus continues to innovate, with plans to finalize its SEC comments and uplist to the New York Stock Exchange soon. As the crypto industry evolves, McGregor remains optimistic about the future of blockchain in the U.S.

“We’re iterating constantly to give people more control over their crypto,” she said.

“With the right regulations and tools, the U.S. can cement its position as a global blockchain hub.”

Watch the full podcast episode here.

About Veronica McGregor

Veronica McGregor has served as Chief Legal Officer of Exodus since January 2022. Prior to joining Exodus, Veronica was the chief legal officer of ShapeShift from 2018 to 2021, where she managed in-house legal and compliance functions, global legal strategy, governmental relations, and regulatory affairs. Prior to that, she was a partner at Goodwin Proctor from 2016 to 2018 and Hogan Lovells from 2014 to 2016, where she specialized in assisting companies navigate state and federal laws and regulations related to digital assets, among other things.

Veronica has a Juris Doctor from the University of California College of the Law, San Francisco, and a Bachelor of Arts in Psychology from San Francisco State University.