Cryptocurrency development in the United States has been under the spotlight, or more directly in regulatory crosshairs, for quite sometime now. This has led Antonio Juliano, the founder of the decentralized exchange dYdX, to suggest a hiatus for US-focused crypto development. Contrasting the innovation-fertile grounds of non-US markets, the stateside regulatory framework has come out as rather austere, or in Juliano’s view, enough to warrant an up to a decade-long pause.
Coming from a perspective centering on startups, Juliano nudges them towards non-US markets, promising less regulatory ambiguity and potentially a swifter trajectory towards user adoption and overall growth. The US Securities and Exchange Commission and Commodity Futures Trading Commission have been the crux of the regulatory issue, with their opaque rules fostering a hindrance to crypto proliferation.
This perspective, however, isn’t without a counterargument. Brian Armstrong, CEO of Coinbase, exhibits seemingly undeterred confidence in the US adaptability capabilities. Armstrong postulates potential progress in the US crypto regulatory scenario in a timeline way shorter than Juliano’s decade-long hypothesis. Armstrong’s optimistic retort augments the belief that the US may yet come out as a prevalent crypto player.
Undeniably though, the regulatory cloud over US crypto markets has steered crypto companies towards clearer shores, with markets in the UK and Brazil being the preferred destination. Major exchanges like Coinbase and Binance already intrepidly expanding their global footprints despite UK’s history of clapping a ban on Binance last year.
Interestingly, Evgeny Gaevoy, CEO of Wintermute, somewhat aligns with Juliano’s view. Throwing in a dash of skepticism, Gaevoy prescribes a focus on overseas markets, hinting that the US might never turn crypto-friendly if this industry does not witness substantial growth and adoption.
Navigating these rough seas of ambiguity, the crypto community stands on a precipice, with one side advocating fortitude and patience with US regulatory progress and the other alluding to a somewhat circumventing approach into friendlier regulatory markets. Amid this tussle of differing views, one thing remains palpable: the need for a global-scale crypto generally accepted by users. After all, what better ways to influence policy than having a product so ingrained in popular usage that its demand becomes irresistible. This remains—crypto’s checkmate move in the regulatory game of chess.
Source: Cryptonews
