What Regulators Actually Think About Bitcoin: A Compliance Chief on RIAs, Cold Card, and Debanking

State regulators may be far more relaxed about Bitcoin in client portfolios than the federal headlines suggest. Jordan and Wyatt sit down with Mark Dempsey, founder of Crypto Regulatory Solutions. Mark started at FINRA, became chief compliance officer for Navy Federal’s RIA and broker-dealer, and now advises Bitcoin-focused investment advisors and funds. He explains how regulators treat Bitcoin as one more asset class under fiduciary duty, why documentation matters more than the allocation percentage, and what the Cold Card failure means for vendor due diligence and disclosure. They also cover the Clarity Act, the de minimis tax exemption, mining revenue recognition, why the states may move first, KYC/AML and the “honeypot” problem, offshore fund structures, Choke Point 2.0 and debanking, and whether advisors are hiding behind a narrow reading of fiduciary duty. 🎟️ Join Us in Denver, Bitcoin Financial Services Summit October 20-22, Denver, Colorado. RIAs, CPAs, lenders, miners, treasury companies, and Bitcoin-native operators all in one room. Get your tickets at bffs.media Guest: Mark Dempsey Crypto Regulatory Solutions Website: cryptoregulatorysolutions.com Host Links Wyatt O’Rourke X: x.com/wyattorourke Website: basilic.io Jordan Guess X: x.com/jordanguess LinkedIn: linkedin.com/in/jordan-guess-cpa Website: bitment.co Bitcoin Financial Services Media X: x.com/bffs\_media Website: bffs.media YouTube: @bffs\_media Show Sponsors Unchained Capital @unchained — bitcoin custody, loans, and IRAs, built so you keep your keys. unchained.com Sound HSA @SOUND\_HSA — the first bitcoin-native HSA. Save tax-free, grow in bitcoin. soundhsa.com River Financial @River — bitcoin-only brokerage, full-reserve custody, zero fees on recurring buys. river.com Quantify Funds Asset manager behind the STKd ETF suite, including BTGD — 100% bitcoin and 100% gold exposure. quantifyfunds.com Falcon, Rappaport & Berkman @frblaw (LinkedIn) — the law firm behind FRB’s Digital Assets Practice Group. frblaw.com SustainHash @SustainHash — a one-stop solution for bitcoin miners, from ASIC hardware to site deployment and repairs. sustainhash.com Abundant Mines @AbundantMines — fully managed, hydro-powered bitcoin mining where you own the miners and keep 100% of the bitcoin. abundantmines.com Stormrake @Stormrake — full-service digital asset brokerage with a dedicated broker for every client. stormrake.com Revolution Mortgage @RevolutionMortgage — modern home lending for bitcoin-forward households, with loan officers who understand balance sheets that include bitcoin. revolutionmortgage.com Anchorage Digital @Anchorage — home to Anchorage Digital Bank, the only federally chartered crypto bank in the US. anchorage.com UTXO Management @UTXOManagement — bitcoin-native asset management and research across public markets, venture capital, and structured credit. utxo.management SALT Lending Bitcoin-backed loans since 2016. Access cash without selling your bitcoin. saltlending.com Bitcoin Well Bitcoin Well (TSXV: BTCW) — buy real bitcoin sent directly to your own wallet, across Canada and all 50 US states. bitcoinwell.com AnchorWatch Bitcoin custody and insurance, with multi-party vaults and optional Lloyd’s of London coverage. anchorwatch.com 2718 Fund 2718 Capital — a private fund for accredited investors that stays long bitcoin and targets a 10% annual distribution, paid monthly. Distributions are not guaranteed; leverage adds risk. 2718.fund Snorkel Handcrafted cedar hot tubs and cold plunges from the Pacific Northwest since 1979. Hosting the bar and backyard patio at the Summit. snorkel.com