{"id":896216,"date":"2026-04-02T07:14:14","date_gmt":"2026-04-02T12:14:14","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2026\/04\/02\/crypto-long-short-governance-is-the-real-layer-1\/"},"modified":"2026-04-02T07:14:14","modified_gmt":"2026-04-02T12:14:14","slug":"crypto-long-short-governance-is-the-real-layer-1","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2026\/04\/02\/crypto-long-short-governance-is-the-real-layer-1\/","title":{"rendered":"Crypto Long &#038; Short: Governance is the real Layer 1"},"content":{"rendered":"<div data-module-name=\"article-header\" data-module-version=\"1.0.0\" data-module-instance=\"default\">\n<h2>In this week\u2019s Crypto Long &#038; Short Newsletter, Nilmini Rubin writes on the challenge facing crypto and traditional markets to create a hybrid, shared governance structure. Then, Meredith Fitzpatrick covers how financial institutions must fundamentally rethink AML risk as crypto and TradFi converge.<\/h2>\n<p><span class> Apr 1, 2026, 4:09 p.m. <\/span><\/p>\n<p><a target=\"_blank\" href=\"https:\/\/www.google.com\/preferences\/source?q=coindesk.com\">Make <svg width=\"83\" height=\"16\" viewBox=\"0 0 83 16\" fill=\"none\"><path d=\"M23.575 11.1954C22.0743 11.1954 21.1445 9.85899 21.1445 8.00995C21.1445 6.17921 21.927 4.81531 23.5658 4.81531C24.643 4.81531 25.3519 5.50184 25.4808 6.40805H27.985C27.8561 5.28215 27.3497 4.29355 26.4659 3.63449C25.7478 3.08527 24.7535 2.74658 23.575 2.74658C20.5552 2.74658 18.5942 5.01669 18.5942 8.00995C18.5942 11.0215 20.6197 13.2275 23.5934 13.2275C25.0205 13.2275 26.0608 12.8339 26.8342 12.0833C27.5246 11.4243 27.985 10.5089 28.0494 9.51115H25.5452C25.4347 10.4906 24.6982 11.1954 23.575 11.1954Z\" fill=\"black\" \/><path d=\"M32.6693 5.61475C30.3493 5.61475 28.7933 7.26241 28.7933 9.43183C28.7933 11.6013 30.3493 13.2489 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2.95166H49.4641V13.0116H53.6255C54.896 13.0116 55.9179 12.6912 56.7097 12.0962C57.8421 11.2357 58.4682 9.81692 58.4682 8.04111C58.4682 4.96547 56.5808 2.95166 53.782 2.95166ZM53.4414 10.9245H51.9683V5.0387H53.469C55.0433 5.0387 55.9364 6.21952 55.9364 8.05026C55.9271 9.89015 55.0801 10.9245 53.4414 10.9245Z\" fill=\"black\" \/><path d=\"M65.3074 6.54647C64.6813 5.9881 63.8619 5.64941 62.8308 5.64941C60.6212 5.64941 59.1113 7.29708 59.1113 9.44819C59.1113 11.6268 60.5844 13.2744 62.9781 13.2744C63.8988 13.2744 64.6353 13.0364 65.2429 12.6154C65.8782 12.176 66.3017 11.5627 66.4582 10.9128H64.2118C64.0092 11.3613 63.6134 11.6268 63.0057 11.6268C62.0574 11.6268 61.5235 11.0226 61.3762 10.0523H66.5871C66.5963 8.57859 66.1728 7.33369 65.3074 6.54647ZM61.3854 8.67928C61.5419 7.81884 61.993 7.26962 62.8676 7.26962C63.6134 7.26962 64.1565 7.81884 64.2394 8.67928H61.3854Z\" fill=\"black\" \/><path d=\"M71.1366 8.50768C70.2159 8.34291 69.3966 8.26968 69.3966 7.76623C69.3966 7.3177 69.8385 7.10717 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15.9917C33.878 15.9917 32.109 14.3349 32.109 12.203C32.109 10.0558 33.878 8.38525 35.808 8.38525C36.728 8.38525 37.459 8.78835 37.84 9.2359H37.899V8.6168H39.509V8.6151ZM38.019 12.203C38.019 10.8636 37.113 9.88415 35.959 9.88415C34.789 9.88415 33.81 10.8636 33.81 12.203C33.81 13.5288 34.789 14.4944 35.959 14.4944C37.113 14.4944 38.019 13.5288 38.019 12.203Z\" fill=\"#4285F4\" \/><path d=\"M42.169 4.61182V15.7599H40.516V4.61182H42.169Z\" fill=\"#34A853\" \/><path d=\"M48.61 13.4411L49.925 14.3055C49.501 14.9247 48.477 15.9914 46.709 15.9914C44.517 15.9914 42.879 14.3209 42.879 12.1874C42.879 9.9252 44.53 8.38325 46.52 8.38325C48.523 8.38325 49.503 9.9543 49.823 10.8033L49.999 11.2355L44.839 13.3416C45.234 14.1048 45.848 14.4942 46.709 14.4942C47.573 14.4942 48.171 14.0757 48.61 13.4411ZM44.56 12.0725L48.009 10.6609C47.82 10.1859 47.249 9.8548 46.577 9.8548C45.716 9.8548 44.517 10.6043 44.56 12.0725Z\" fill=\"#EA4335\" \/><path d=\"M9.149 11.1998V9.5859H14.668C14.722 9.8672 14.75 10.1999 14.75 10.5601C14.75 11.7709 14.414 13.2682 13.331 14.335C12.278 15.4155 10.933 15.9918 9.151 15.9918C5.848 15.9918 3.07 13.3402 3.07 10.085C3.07 6.8298 5.848 4.1782 9.151 4.1782C10.978 4.1782 12.28 4.8848 13.258 5.8058L12.103 6.9447C11.401 6.2964 10.451 5.7921 9.149 5.7921C6.737 5.7921 4.851 7.7079 4.851 10.085C4.851 12.4621 6.737 14.3779 9.149 14.3779C10.714 14.3779 11.605 13.7587 12.176 13.1962C12.639 12.74 12.943 12.0882 13.063 11.1981L9.149 11.1998Z\" fill=\"#4285F4\" \/><\/svg><\/a><\/p>\n<\/div>\n<div data-module-name=\"article-body\" data-module-version=\"1.0.0\" data-module-instance=\"default\">\n<p>Welcome to our institutional newsletter, Crypto Long &#038; Short. This week:<\/p>\n<ul>\n<li><a href=\"https:\/\/www.linkedin.com\/in\/nilminirubin\/\" target=\"_blank\">Nilmini Rubin<\/a> on the challenge facing crypto and traditional markets to create a hybrid, shared governance structure.<\/li>\n<li><a href=\"https:\/\/www.linkedin.com\/in\/fitzpatrick-crypto-consulting\/\" target=\"_blank\">Meredith Fitzpatrick<\/a> covers how financial institutions must fundamentally rethink AML risk as crypto and TradFi converge.<\/li>\n<li>Top headlines institutions should pay attention to by <a href=\"http:\/\/www.coindesk.com\/author\/francisco-rodrigues\">Francisco Rodrigues<\/a>.<\/li>\n<li>Maple loans surge past $1 billion in Chart of the Week.<\/li>\n<\/ul>\n<p><a href=\"https:\/\/www.linkedin.com\/in\/alexandralevis\/\" target=\"_blank\">-Alexandra Levis<\/a><\/p>\n<hr>\n<p><strong>Expert Insights<\/strong><\/p>\n<h3><strong>Governance is the real Layer 1<\/strong><\/h3>\n<p><strong><em>By <a href=\"http:\/\/www.coindesk.com\/author\/nilmini-rubin\">Nilmini Rubin<\/a>, chief policy officer, Hedera<\/em><\/strong><\/p>\n<p>When Silicon Valley Bank collapsed in 2023, USDC briefly lost its dollar peg after billions in reserves were trapped in the bank. The impact spread quickly, stalling markets, repricing assets mid-transaction and triggering a broader confidence shock. While regulators stress-test traditional markets, this event exposed a new risk where failures in traditional finance can directly impact digital assets.<\/p>\n<p>This episode raised fundamental questions about what happens if risk moves in the other direction, from crypto to the traditional market: who intervenes, who absorbs losses and how is confidence in markets restored?<\/p>\n<p>As blockchains begin underpinning financial markets, the next phase of digital assets will be defined not only by innovation but by coordinated accountability. That accountability is shaped by how networks are designed.<\/p>\n<p><strong>The false binary<\/strong><\/p>\n<p>For years, blockchain debates revolved around a familiar divide: public vs. private networks.<\/p>\n<p>Permissionless networks maximize openness and censorship resistance, but can struggle with coordinated upgrades, regulatory integration or emergency intervention. Private systems emphasize control and compliance over neutrality and interoperability.<\/p>\n<p>As institutional adoption accelerates, hybrid models are emerging as the preferred solution.<\/p>\n<p>Hybrid architectures combine public verifiability with open participation and predictable governance. This renders them more suitable for regulated use cases and compliance frameworks that require greater transparency and clear roles. Coordinated accountability, rather than simply public or private choices, is blockchain\u2019s next major challenge.<\/p>\n<figure><img alt=\"Blockchain architecture governance chart\" loading=\"lazy\" width=\"954\" height=\"402\" decoding=\"async\" data-nimg=\"1\"  src=\"http:\/\/www.coindesk.com\/_next\/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2Fs3y3vcno%2Fproduction%2Fdae9bd3b1c7193bd4f99f78d65e1b75972e7ac23-954x402.png%3Fauto%3Dformat&#038;w=1920&#038;q=75\"><\/figure>\n<p><em>Blockchain architecture is increasingly converging toward hybrid governance models.<\/em><\/p>\n<p><strong>When governance meets crisis<\/strong><\/p>\n<p>In complex systems, responsibilities are usually defined before problems emerge. Participants know who has authority, who absorbs losses and how emergencies are handled.<\/p>\n<p>Blockchain networks should begin with that level of clarity. When stress arrives through sanctions enforcement, protocol failures or market crashes, effective governance proves a difficult test.<\/p>\n<p>The industry has already seen early signals. During the March 2020 market crash, MakerDAO required emergency intervention after auction failures erased millions in value. The protocol recovered, but we cannot allow these incidents to occur frequently and at scale. In other cases, networks have used coordinated forks to address hacks or illicit activity, but only after the fact.<\/p>\n<p>As tokenization expands, increasing resilience will require governance systems that anticipate crises and define decision-making <em>before<\/em> an event occurs to effectively mitigate.<\/p>\n<p><strong>Putting governance to the test<\/strong><\/p>\n<p>Mature financial systems routinely stress-test their governance structures to ensure resilience well before moments of disruption.<\/p>\n<p>Hybrid networks must bring that discipline on-chain. Governance stress testing clarifies roles, aligns incentives and strengthens coordination under pressure, helping the industry prepare for scenarios such as stablecoin volatility, regulatory shifts and AI-driven governance dynamics.<\/p>\n<p><strong>Governance is the real Layer 1<\/strong><\/p>\n<p>Digital assets are reimagining ownership and participation. The next challenge is applying that same creativity to governance.<\/p>\n<p>The networks that endure will not be the ones with the most tokens or the fastest throughput. They will be the ones that know how to govern effectively when the system comes under pressure.<\/p>\n<hr>\n<h3><strong>Headlines of the Week<\/strong><\/h3>\n<p><strong>&#8211; By <a href=\"http:\/\/www.coindesk.com\/author\/francisco-rodrigues\">Francisco Rodrigues<\/a><\/strong><\/p>\n<p>The crypto industry has continued navigating the regulatory system over the week, making its way into the mortgage market while also seemingly being stopped from offering yields on stablecoin balances. Other major developments further build trust in the industry, even as prices drop.<\/p>\n<ul>\n<li><a href=\"http:\/\/www.coindesk.com\/policy\/2026\/03\/23\/stablecoin-yield-in-crypto-clarity-act-won-t-allow-rewards-on-balances-latest-text-says\">Stablecoin yield in crypto Clarity Act won&#8217;t allow rewards on balances, latest text says<\/a>: The newest language on stablecoin yield in the Clarity Act would ban yield for simply holding a stablecoin and would restrict approaches that make it in any way equivalent to a bank deposit.<\/li>\n<li><a href=\"http:\/\/www.coindesk.com\/business\/2026\/03\/25\/keir-starmer-takes-aim-at-nigel-farage-while-announcing-an-immediate-ban-on-crypto-funding\">UK political crypto donations banned by Starmer government<\/a>: The U.K. government has imposed an immediate moratorium on crpyto donations to political parties over risks of hidden foreign funding and weak traceability.<\/li>\n<li><a href=\"http:\/\/www.coindesk.com\/business\/2026\/03\/26\/coinbase-fannie-mae-bring-crypto-backed-mortgages-to-homebuyers\">Coinbase, Fannie Mae bring crypto-backed mortgages to homebuyers<\/a>: Coinbase is now working with Fannie Mae-approved mortgage firm Better Home &#038; Finance Holdng Co. to allow cryptocurrency holders to use their digital assets as down payment collateral when buying a home.<\/li>\n<li><a href=\"http:\/\/www.coindesk.com\/business\/2026\/03\/24\/tether-hires-a-big-four-firm-for-a-full-audit-of-usdt-reserves\">Tether hires a &#8216;Big Four&#8217; firm for a full audit of USDT reserves<\/a>: Tether has hired a \u201cBigFour\u201d auditing firm to conduct its first full financial statement auditor. The company has been publishing periodic attestations of the assets backing its USDT stablecoin but has stoped short of a full audit.<\/li>\n<li><a href=\"http:\/\/www.coindesk.com\/markets\/2026\/03\/30\/nearly-half-of-all-circulating-bitcoin-is-underwater-as-long-term-holders-sell-at-a-loss\">Nearly half of all circulating bitcoin is underwater as long-term holders sell at a loss<\/a>: Data shows that nearly half of all bitcoin in circulation is now worth less than it was bought for as capital flows supporting the market have reversed.<\/li>\n<\/ul>\n<hr>\n<p><strong>Expert Perspectives<\/strong><\/p>\n<h3>The new financial order: updating TradFi risk for crypto<\/h3>\n<p><strong><em>&#8211; By <a href=\"http:\/\/www.coindesk.com\/author\/meredith-fitzpatrick\">Meredith Fitzpatrick<\/a>, partner and head of cryptocurrency, Forensic Risk Alliance<\/em><\/strong><\/p>\n<p>The convergence of traditional finance and cryptocurrency is no longer theoretical sci-fi \u2014 it\u2019s here. Regulatory clarity across major jurisdictions is accelerating institutional entry into digital assets, from Europe\u2019s Markets in Crypto-Assets (MiCA) framework to expanding U.S. legislative momentum with the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. For financial institutions, the question is no longer whether to engage with crypto, but how to do so safely.<\/p>\n<p>The critical misstep many institutions make is treating crypto as an extension of existing products. It is not. Crypto fundamentally changes how anti-money laundering (AML) risk must be assessed, monitored and controlled.<\/p>\n<p>At its core, blockchain introduces three defining characteristics: immutability, pseudonymity and borderless value transfer. These reshape both financial crime risk and the tools required to manage it.<\/p>\n<p><strong>Control shifts from accounts to keys<\/strong><\/p>\n<p>In traditional finance, assets are secured through centralized systems and reversible transactions. In crypto, control rests with private keys. When institutions offer custody, AML risk becomes inseparable from cybersecurity risk. A compromised key is not just a breach \u2014 it is an irreversible transfer of value, often beyond recovery. This requires controls such as multi-signature authorization, cold storage, strict access governance and wallet segregation \u2014 all of which sit outside traditional AML frameworks but are critical to risk mitigation.<\/p>\n<p><strong>Non-custodial wallets mean dynamic risk assessments<\/strong><\/p>\n<p>Traditional AML relies heavily on customer identity and static risk profiling. In crypto, this model breaks down. Customers can transact through non-custodial wallets that exist outside institutional onboarding frameworks, and illicit activity often hides in transaction behavior rather than identity.<\/p>\n<p>As a result, risk assessment must evolve from \u201cwho the customer is\u201d to \u201cwhat the wallet does.\u201d This requires continuous monitoring of on-chain activity, including exposure to high-risk counterparties, mixers and decentralized protocols. Risk becomes dynamic, not periodic.<\/p>\n<p><strong>Crypto financial crime is structurally more complex<\/strong><\/p>\n<p>Cryptocurrency money laundering can involve newer technologies, such as chain-hopping and the use of privacy-enhancing technologies like mixers, that have no direct parallel in traditional finance. Transactions can traverse multiple jurisdictions in minutes, rendering legacy screening systems insufficient. Effective AML now depends on blockchain intelligence: the ability to trace funds, identify direct and indirect exposure to risky parties and interpret transaction patterns across networks.<\/p>\n<p>These shifts require a corresponding evolution in governance and risk management. Boards and risk committees must redefine risk appetite to reflect crypto-specific exposures. Institutions should introduce specialized teams (e.g., digital asset approval committees and high-risk customer panels) to manage rapidly changing risks.<\/p>\n<p>Most importantly, the Enterprise-Wide Risk Assessment (EWRA) must become dynamic. Static, point-in-time assessments are inadequate in an environment where risk profiles can change with a single transaction.<\/p>\n<p>The table below illustrates how customer risk assessment must evolve:<\/p>\n<div>\n<table readabilityDataTable=\"1\">\n<tr>\n<th>\n<h6>Area of focus<\/h6>\n<\/th>\n<th>\n<h6>TradFi<\/h6>\n<\/th>\n<th>\n<h6>Crypto<\/h6>\n<\/th>\n<\/tr>\n<tr>\n<td>Customer identity<\/td>\n<td>Typically, through identification and verification using government-issued IDs, physical addresses and relevant databases (e.g., credit history).  <\/td>\n<td>Most centralized virtual asset service providers (VASPs) have KYC\/CDD\/EDD procedures like TradFi institutions. However, \u201cnon-custodial wallets\u201d (wallets where the user retains private key control) exist outside of a centralized body that collects KYC. In this case, on-chain activity may be used when assessing the risk of the customer.<\/td>\n<\/tr>\n<tr>\n<td>Risk indicators<\/td>\n<td>Based on factors like employment, income, geography and transaction history with the institution.<\/td>\n<td>Based on wallet behaviour, age, transaction counterparties, interactions with high-risk services (e.g., mixers), and exposure to certain smart contracts, non-custodial wallets, or DeFi platforms.<\/td>\n<\/tr>\n<tr>\n<td>Transaction transparency<\/td>\n<td>Transaction data is private and accessed through internal banking records.<\/td>\n<td>On-chain transactions are publicly available, enabling advanced analytics, but only for those with the tools and expertise to interpret them.<\/td>\n<\/tr>\n<tr>\n<td>Dynamic risk monitoring<\/td>\n<td>Risk profiles are usually static or periodically updated.<\/td>\n<td>Risk can change dynamically with wallet activity, based on real-time blockchain analysis and ongoing monitoring.<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>Finally, institutions must invest in new capabilities. Fluency in blockchain analytics for transaction monitoring and forensic investigation are no longer niche skills \u2014 they are core AML functions. Most organizations will require a hybrid model combining internal expertise with external specialists.<\/p>\n<p>Professionals in this space must recognize that cryptocurrency compliance is not merely adapting existing frameworks but requires fundamentally different approaches to transaction monitoring, due diligence and incident investigation. Success requires compliance teams to understand traditional regulatory requirements and crypto-specific investigation challenges. Institutions approaching crypto adoption with appropriate forensic rigour \u2014 treating it as a fundamental compliance transformation rather than simple product addition \u2014 will be best positioned for sustainable success.<\/p>\n<hr>\n<p><strong>Chart of the Week<\/strong><\/p>\n<h3>Maple loans surge past $1B on record $350M single-day issuance<\/h3>\n<p>Maple&#8217;s loans outstanding jumped back above $1 billion last week as the protocol issued $350 million in loans on a single day. With total AuM now exceeding $4.6 billion, there is a divergence between the protocol&#8217;s strong fundamentals and the associated SYRUP token price action. This growth, in spite of broader market conditions, continues to highlight the resilient demand for institutional-grade lending among crypto-native firms.<\/p>\n<figure><img alt=\"Maple loans record chart\" loading=\"lazy\" width=\"1600\" height=\"931\" decoding=\"async\" data-nimg=\"1\"  src=\"http:\/\/www.coindesk.com\/_next\/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2Fs3y3vcno%2Fproduction%2F480e24ac38c82608e469f71242adffd4accff616-1600x931.png%3Fauto%3Dformat&#038;w=3840&#038;q=75\"><\/figure>\n<hr>\n<h3>Listen. Read. Watch. Engage.<\/h3>\n<ul>\n<li><strong>Listen:<\/strong> Did you hear? <a href=\"https:\/\/developers.coindesk.com\/\">The CoinDesk Data &#038; Indices API provides institutional-grade digital asset data<\/a>, streamed live from 300+ exchanges and covering 300,000+ currency pairs.<\/li>\n<li><strong>Read:<\/strong> <a href=\"http:\/\/www.coindesk.com\/newsletters\/crypto-for-advisors\">In Crypto for Advisors, Claudia M. Hern\u00e1ndez analyzes how stablecoins have evolved<\/a> past volatility-fixers to become the foundational settlement asset for global tokenized markets and cross-border payments. Then,<a href=\"https:\/\/www.linkedin.com\/in\/morvarohani\/\" target=\"_blank\"> Morva R.<\/a> breaks down stablecoin regulation.<\/li>\n<li><strong>Watch: <\/strong><a href=\"https:\/\/www.youtube.com\/watch?v=Oliqh62sW1k\" target=\"_blank\">ProShares Global Investment Strategist Simeon Hyman joins CoinDesk&#8217;s Public Keys<\/a> at the New York Stock Exchange to challenge the &#8220;false narrative&#8221; that crypto is purely a risk asset.\u00a0<\/li>\n<li><strong>Engage: <\/strong><a href=\"https:\/\/consensus.coindesk.com\/register\/\">Have you bought tickets to Consensus Miami yet?<\/a> Early bird pricing ends Friday April 10 at 4 p.m. ET. View the agenda and register today!\u00a0<\/li>\n<\/ul>\n<p>Looking for more? Receive the latest crypto news from <a href=\"http:\/\/www.coindesk.com\/\">coindesk.com<\/a> and market updates from <a href=\"https:\/\/indices.coindesk.com\/institutions\">coindesk.com\/institutions<\/a>.<\/p>\n<hr>\n<p><em>Note: The views expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc., CoinDesk Indices or its owners and affiliates.<\/em><\/p>\n<\/div>\n<div data-module-name=\"promotional-article\" data-module-version=\"1.0.0\" data-module-instance=\"default\">\n<p>More For You<\/p>\n<div><a href=\"http:\/\/www.coindesk.com\/research\/encryption-supremacy-zcash-and-privacy-in-the-age-of-scale\"><\/p>\n<figure><img alt=\"Encryption Supremacy - Zcash and Privacy in the Age of Scale\" loading=\"lazy\" width=\"1920\" height=\"1080\" decoding=\"async\" data-nimg=\"1\"  src=\"http:\/\/www.coindesk.com\/_next\/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2Fs3y3vcno%2Fproduction%2F99ca9383b31a691939d862e5a8b73b6acb35de8b-1920x1080.png%3Fauto%3Dformat&#038;w=3840&#038;q=75\"><\/figure>\n<p><\/a><\/p>\n<p>Most crypto privacy models weaken as blockchain data grows. Encryption-based models like Zcash strengthen. CoinDesk Research maps the five privacy approaches and examines the widening gap.<\/p>\n<div>\n<p>Why it matters: <\/p>\n<p>As blockchain adoption scales, the metadata available to machine learning models scales with it. Obfuscation-based privacy approaches are structurally degrading as a result. This report provides a comprehensive comparison of all five major crypto privacy architectures and a framework for evaluating which models remain durable as AI capabilities improve.<\/p>\n<\/div>\n<p><a href=\"http:\/\/www.coindesk.com\/research\/encryption-supremacy-zcash-and-privacy-in-the-age-of-scale\">View Full Report<svg width=\"21\" height=\"21\" viewBox=\"0 0 21 21\" fill=\"none\"><mask id=\"mask0_2473_9121\" style=\"mask-type:alpha\" maskUnits=\"userSpaceOnUse\" x=\"0\" y=\"0\" width=\"21\" height=\"21\"><rect x=\"0.5\" y=\"0.500366\" width=\"20\" height=\"20\" fill=\"var(--border-default)\" \/><\/mask><g mask=\"url(#mask0_2473_9121)\"><path d=\"M12.0385 15.2119L11.1602 14.3081L14.3429 11.1254H4.25V9.8754H14.3429L11.1602 6.69269L12.0385 5.78894L16.75 10.5004L12.0385 15.2119Z\" fill=\"var(--text-default)\" \/><\/g><\/svg><\/a><\/p>\n<\/div>\n<\/div>\n<p><a href=\"https:\/\/www.coindesk.com\/coindesk-indices\/2026\/04\/01\/crypto-long-and-short-governance-is-the-real-layer-1\" class=\"button purchase\" rel=\"nofollow noopener\" target=\"_blank\">Read More<\/a><br \/>\n Nilmini Rubin<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In this week\u2019s Crypto Long &amp; Short Newsletter, Nilmini Rubin writes on the challenge facing crypto and traditional markets to create a hybrid, shared governance structure. Then, Meredith Fitzpatrick covers how financial institutions must fundamentally rethink AML risk as crypto and TradFi converge. Apr 1, 2026, 4:09 p.m. Make preferred on Welcome to our institutional<\/p>\n","protected":false},"author":1,"featured_media":896217,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22791,2009],"tags":[],"class_list":{"0":"post-896216","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto","8":"category-short"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/896216","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=896216"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/896216\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/896217"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=896216"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=896216"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=896216"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}