The Big Whale: You've just been elected president of ADAN for 2 years. Why did you stand?
Crypto has always been my passion. I live it every day, both personally and at KPMG, where I have the privilege of working with the entire ecosystem - from pure players to traditional institutions.
In this pivotal period of opening up the sector, my profile allows me to build bridges between these two worlds. But above all it's a collective project: surrounded by a solid board, we're currently looking for our future managing director to steer operations. I'd like to take this opportunity to say that applications are now open!
What is your ambition as Chairman of Adan?
Our priority is clear: to unite the entire French crypto ecosystem. From traditional banks to stablecoin issuers and technology providers, we have succeeded in creating a real dynamic. The arrival of non-crypto-native players is a strength that we need to cultivate.
This convergence is particularly illustrated in tokenisation . Banks, once reticent, are now opening up to cryptoassets. The trend is a natural one: the tokenisation of assets on public networks and the use of stablecoins have become unavoidable.
The use cases are multiplying spectacularly: money market funds, tokenised shares, digital debt, etc. Financial institutions see it as a revolution in the exchange of value, accessible 24/7 on new-generation infrastructures.
A crucial issue is also emerging around our technological sovereignty: should we remain dependent on American infrastructures, or build our own European solutions? In the current geopolitical context, this question is more relevant than ever.
Regulation, Europe, funding... ADAN's projects are numerous. Which ones will you be focusing on?
We will be guided by several priorities.
Firstly, obtaining CASP authorisations in France, in close collaboration with the AMF and the ACPR. While France was a pioneer with the Pacte Act in 2019 - which largely inspired MiCA - no French player has yet obtained its MiCA licence, unlike other European countries.
Europe remains at the heart of our concerns, particularly with the Pilot Scheme and decentralised finance. We need to bring clarity to key concepts such as staking, clearly differentiating between custodial and non-custodial approaches.
Tokenisation is another major area of work. Beyond the Pilot Scheme, we need to considerably broaden the spectrum of assets concerned.
Finally, we are actively preparing for upcoming deadlines, both in France and in Europe, with a particular eye on the presidential election in 2027.
In a recent column, you criticised the fact that Europe focuses too much on the digital euro to the detriment of stablecoins . Is this also an issue that you will be defending?
Absolutely, this is a fundamental issue that is part of our global vision. In Europe, we need to move beyond this artificial opposition between digital euros and stablecoins. The authorities tend to see the digital euro as a universal solution, ignoring the considerable potential of stablecoins.
My conviction is that these two models can coexist. It is usage that will naturally determine their respective places.
Stablecoins are already establishing themselves as the ideal tool for decentralised finance and tokenised assets. Their growing adoption by the French and Europeans bears witness to their relevance. Let's capitalise on this momentum.
Do you have any idea how many stablecoin holders there are in Europe?
The figures speak for themselves: out of 50 million Europeans who hold cryptocurrencies, 10 to 20 million hold stablecoins - mostly in dollars. This raises a strategic question: is it desirable for our citizens to be so exposed to the dollar?
Despite growing adoption, digital assets remain a sensitive subject. How do you explain this paradox?
The discourse has changed profoundly. Ten years ago, we were talking about replacing traditional finance - a frontal approach that has left its mark. Today, we are we are moving towards hybrid finance with banks and crypto The gradual integration of cryptoactives by banks, unthinkable five years ago, illustrates this phenomenon.
The data confirms this trend: the latest Adan study (carried out with Deloitte, ed. note) shows that 34% of French people plan to invest in cryptoactives, compared with 22% previously. This is a remarkable increase.
The arrival of fintechs and banks will amplify this movement. While crypto-native players have conquered the under-35s, traditional institutions can reach a wider and more diverse population.
So you don't see any antagonism between banks and crypto-native players?
On the contrary, I see a natural complementarity. Banks rely on the technical expertise and liquidity of crypto players, without becoming exchange platforms. It's a logical development. Today, 14% of French people have already experimented with cryptoassets - twice as many as invest directly in shares.
This dynamic is affecting all sectors, from the private to the public sector, right up to the political spheres, which are interested in Bitcoin mining with EDF. Such an opening would have been unimaginable a few years ago.
About EDF and mining, does ADAN intend to get involved in this subject?
The multi-year energy plan offers a unique opportunity to harness our nuclear fleet and renewable energies for mining. Our role is to enrich the public debate and encourage EDF to seize this strategic opportunity. The stakes are high: EDF could quickly become one of the world's top 5 miners.
What are the advantages of joining ADAN?
In an emerging sector faced with complex regulations such as MiCA, there is strength in numbers. Faced with regulatory uncertainty, our collective action enables us to influence the authorities to find the right balance between user protection and innovation.
Some players like Ledger are no longer members of ADAN because they don't see the association as useful. How can we convince them to come back?
Our ambition is to bring together all the French and European players. The stakes are shared: take Ledger, which is developing staking and DeFi services via Ledger Live - areas at the heart of our action.
How do you perceive the United States' return to strength in crypto? What should Europe do?
The American approach is remarkable for its assumed strategic dimension. Their policy on stablecoins is clearly aimed at strengthening the dollar's dominance, including in the blockchain universe.
Europe needs to adopt a similar vision, beyond the technical aspects. The euro was created to counterbalance the dollar; today, we need to develop stablecoins in euros on blockchains.
This logic extends to infrastructure: let's favour public and neutral networks rather than proprietary American platforms.
What are your expectations of the government?
The signals are positive. Our collaboration with several ministries on security and taxation is bearing fruit. The challenge now is to maintain this momentum at European level, in close coordination with parliamentarians and the Council.
Several crypto entrepreneurs and their families have recently been kidnapped. What needs to be done? Are you in contact with the authorities?
This is an issue we take very seriously. We maintain a constant dialogue with the Ministry of the Interior, sharing our expertise on the ground after each incident.
While the response from the forces of law and order is exemplary, we can still make progress in terms of prevention and coordination. It's also an issue of attractiveness: controlling these risks is crucial for our ecosystem. Although this is a global challenge, as Jameson Lopp points out, an effective approach can become a comparative advantage.
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