Matt Wallace: Crypto industry must improve security to protect real money

Matt Wallace said the crypto industry must improve security as digital assets are increasingly used to hold and transfer real money. The comment highlights a central challenge for the sector: users and businesses need reliable protections when managing funds through exchanges, wallets and other blockchain-based services.

Security remains a defining issue for crypto adoption because transactions can be difficult or impossible to reverse once completed. Risks can include stolen account credentials, compromised private keys, malicious software and failures in the systems used by service providers. Stronger safeguards can help reduce the impact of those threats.

The call for better security also reflects the difference between experimental technology and financial infrastructure used by a broad public. As more people treat crypto holdings as meaningful assets, expectations around custody, account recovery, operational controls and clear risk communication are likely to rise.

Improving security does not eliminate all risks associated with digital assets, including market volatility and user error. But robust technical and organizational practices are widely seen as important for protecting users, strengthening trust and supporting the responsible development of the crypto industry.