BitGo Chief Security Officer Tom Pageler recently told BlockTV that the (cryptocurrency) regulation "absolutely" should be state-level rather than self-recognition at the institutional level. Although several agencies adopt independent measures to comply with regulatory requirements, the overall regulatory guidelines will be better for the industry. Pageler believes that if the cryptocurrency world competes with the traditional financial sector at the same level, regulation needs to be commensurate with it. He added that federal regulators should treat the virtual currency industry as much as they do in the banking industry. He said that in order for the cryptocurrency industry to be considered "legitimate", participants should clearly state the controls they followed and be verified by the four major auditing agencies, while being promoted by state regulators. Given the growing demand for third-party oversight, Pagelar also clarified the growth of auditors in the cryptocurrency space.