The Challenges of ‘Permissionless’ at the Institutional Level

Prior to joining Fnality, Fletcher spent the last 25 years working in regulatory reform and post-trade services for a number of global financial institutions

by Liz Coyne /

December 20, 2021 07:00 am

Angus Fletcher, senior commercial and regulatory advisor, Fnality; Source: Blockworks

In this video, Blockworks’ Senior Editor Macauley Peterson chatted with Angus Fletcher, senior commercial and regulatory advisor, Fnality, at Blockworks Digital Asset Summit in London to talk about the challenges institutions will face when it comes to a permissionless financial system of the future.

Newsletter

Subscribe to The Breakdown

Prior to joining Fnality, Fletcher spent the last 25 years working in regulatory reform and post-trade services for a number of global financial institutions; Standard Chartered, Deutsche Bank, SWIFT, Morgan Stanley and Citigroup. He has been and continues to be an industry advocate for change and improvement.

Watch the full interview below.

Get the day’s top crypto news and insights delivered to your inbox every evening. Subscribe to Blockworks’ free newsletter now.

Tags

Newsletter

The Breakdown

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Digital Asset Summit 2026

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

buy tickets learn more

recent research

Research

Neutrl: Unlocking Institutional OTC Yield for Stablecoins

Neutrl is a synthetic dollar protocol designed to monetize structural inefficiencies in crypto markets, with a particular focus on hedged OTC token arbitrage. By pairing discounted locked-token purchases with delta-neutral hedging, the protocol offers yields that are less dependent on funding rate cycles than traditional cash and carry strategies. Early traction has been strong, with TVL growing from $120M to $210M following the removal of deposit caps, while sNUSD currently yields materially more than competing yield-bearing stablecoins. The key question for Neutrl is scalability: whether access to high-quality OTC deal flow and disciplined liquidity management can support continued TVL growth without compressing returns.

by Kunal Doshi