Enthusiasm for a resurgence in the United States cryptocurrency industry stirs. Sparking this faith are key victories by Ripple and Grayscale against the SEC, remarked by digital asset lawyer, Jeremy McLaughlin, during an Intersekt23 panel discussion in Melbourne late August. The current partner at K&L Gates views these successes as instances of courts “reining in the SEC.”
He emphasized on the troubling impact of the SEC’s intense anti-industry stance, including the emigration of creatives and executives to more cryptocurrency-friendly jurisdictions. Yet, as the tide begins to turn, the potential for a revival among U.S. investors remains positive. This shift is primarily due to the initial clarity provided by state authorities before the SEC and the CFTC’s involvement, which caused panic and disharmony through conflicting regulatory statements.
The web of complex regulations led to the delisting of tokens and withdrawal of companies from the U.S. market to avoid the SEC’s aggressive stance. On this note, McLaughlin expressed the challenging nature of working as a lawyer under the current legal structure due to the inability to provide clear-cut answers to clients.
The path to growth may seem more certain as developments concerning a potential spot Bitcoin ETF unfold. It is seen as potentially injecting fresh liquidity into the market and opening the door to renewed institutional investments. Protecting such positive outlooks are recent court filings and decisions favoring the digital asset industry.
Amid these U.S. discussions, Effie Dimitropoulos, head of payment firm Novatti, brought into question Australia’s insignificant role in the industry, labeling its contribution as “lagging.” This sentiment echoed following Hong Kong’s recent integration of web3 earlier this year, which attracted numerous firms offering diverse services to users.
In the past years, the SEC made headlines by dragging crypto companies into court over allegations of unlawful registration, violating federal law, and offering unregistered securities, among other charges. These actions incited a slight migration away from U.S. markets to other jurisdictions. However, with recent favoring decisions, crypto enthusiasts anticipate a softer approach from the SEC, including the approval of a spot ETF to match their European counterparts.
Recent wins against the SEC last month by Ripple and this week by Grayscale have fueled hopes of a change in the SEC’s intense policies, marking a potential transition towards a brighter future for U.S. blockchain markets.
Source: Cryptonews
