Podcast 136: Crypto's ”Valley of Death”

In this episode, Igor Tomych speaks with Lex Fisun, CEO & Co-Founder of Global Ledger, about how trust is established in crypto markets and why compliance has become a prerequisite for institutional adoption. Drawing from Global Ledger’s work with blockchain analytics, the conversation examines how transparency, monitoring, and regulation are reshaping the relationship between crypto and traditional finance.

Rather than treating crypto as an isolated ecosystem, the discussion positions it as a financial layer that must now operate under similar expectations to banking, payments, and capital markets.

Key Insights from the Conversation

Compliance enables institutional participation:

Clear regulatory frameworks and real-time monitoring tools have made it possible for banks and regulated institutions to engage with crypto. Without compliance infrastructure, large players cannot manage risk or meet regulatory obligations, regardless of the underlying technology.

Blockchain transparency changes how crime is detected:

Unlike traditional finance, blockchain transactions are publicly visible. This allows analytics providers to trace flows, identify patterns, and link wallets to real-world entities. Criminal activity still exists, but it is often more traceable than commonly assumed.

Stablecoins are financial instruments, not just crypto assets:

The conversation distinguishes stablecoins from speculative crypto assets. Stablecoins function as payment and settlement tools, and their success depends less on decentralization narratives and more on trust, liquidity, and regulatory clarity.

Lex’s take on how sanctions hit Grinex volumes, pushing more users toward centralized exchanges: http://bit.ly/49f05Zo

Why Listen

This episode offers a data-driven perspective on crypto compliance from a builder working directly with financial institutions. Listeners will gain a clearer understanding of how blockchain analytics supports trust, why regulation accelerated adoption rather than slowing it, and what crypto must get right to operate as part of the global financial system.