The blockchain industry continues to gain momentum as former Visa CFO Vasant Prabhu joins the board of Fireblocks, a digital asset platform. This development aligns with President Donald Trump’s crypto-friendly stance, highlighted by recent appointments and policy shifts aiming to boost trust and credibility in the sector.

Prabhu Brings Traditional Finance Expertise

Vasant Prabhu, who served as Visa’s CFO and vice-chair for eight years until 2023, has joined Fireblocks’ board of directors. Prabhu’s extensive experience in traditional finance includes leadership roles at Intuit, Delta Airlines, and NBC Universal.

“The payments landscape is at a critical inflection point, and blockchain technology is the engine driving this transformation,” Prabhu said in a statement. Fireblocks reported an 85% year-over-year surge in institutional payment transactions in 2024, reflecting the sector’s growth potential.

Prabhu’s appointment brings a veteran’s perspective to Fireblocks at a time when the blockchain industry is striving to enhance its reputation and integrate more closely with mainstream finance.

Trump’s Crypto Push: A New Era for Regulation?

President Donald Trump has signaled a friendlier approach to the cryptocurrency industry through several early-term moves. This includes appointing Paul Atkins, a crypto advocate, as his nominee for SEC Chair and naming crypto-friendly Commissioner Mark Uyeda as Acting Chair.

Trump’s administration also established a “crypto task force” led by Commissioner Hester Peirce, a vocal proponent of digital asset innovation. These steps aim to overhaul the regulatory landscape, following criticism of previous SEC Chair Gary Gensler’s aggressive enforcement actions against the crypto sector.

Controversial Pardon Sparks Debate

Trump’s decision to pardon Ross Ulbricht, the founder of the Silk Road marketplace, has drawn mixed reactions. While some view the move as a step towards fairness, critics argue it undermines efforts to distance cryptocurrency from illicit activities.

Ulbricht, convicted in 2015 on charges including drug distribution and money laundering, has been a polarising figure. Trump announced the pardon via Truth Social, describing it as a gesture to honour the Libertarian movement.

Building Trust in a Volatile Industry

The crypto sector continues to grapple with challenges such as volatility, security concerns, and associations with fraud. Trump’s appointments and policy shifts aim to position the U.S. as a leader in digital assets, while also fostering trust among traditional financial players.

With veterans like Prabhu joining the industry and regulatory reforms underway, the blockchain sector appears poised for a transformative period. However, achieving mainstream credibility will require balancing innovation with stringent compliance and ethical standards.