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I have been following the state of cryptocurrency legislation in the United States, where the main regulator, the Securities and Exchange Commission (SEC), has been playing a cat and mouse game with the crypto industry. The regulator's disinterest in the industry is evident, which has raised several concerns, with Republican senators criticizing Gary Gensler, the agency's chairman, for this behavior.

Today, however, further confirmation that the American government views the crypto industry unfavorably comes from the head of state himself, Joe Biden. He declared during the Group of Seven (G7) conference that he disagrees with an agreement that benefits wealthy individuals who evade taxes, as well as those who trade cryptocurrencies, at the expense of people who genuinely need support with food.

While Biden's statement is legitimate, as it suggests his preference for supporting an agreement that protects individuals in need of food security and, of course, the rich should pay taxes, he simply disregards the legitimacy of cryptocurrency traders. This is somewhat ironic because cryptocurrency traders have long been requesting clear laws or regulations to govern their activity and enable legitimate taxation.

It is necessary to better understand the context to which Biden refers, but given the current stance of the Biden administration, it is easy to see that they want nothing to do with the crypto industry. It is unfortunate that if this assumption is correct, many industries operating in the American market will have to leave the territory and incur direct losses to the national treasury. After all, nations that embrace cryptocurrency companies will benefit from tax revenue.

The cryptocurrency industry in America has major players in the territory, with a focus on Coinbase, which has a market value of billions of dollars. Recently, they have been making contacts to secure licenses in foreign territories. They have already obtained a position in Bermuda (with a license to operate an offshore company) and are highly likely to obtain one in the United Arab Emirates, a country with laws that define the crypto market.

Now it is clear why Gary Gensler, the SEC chairman, is behaving this way. After all, he is following orders to prevent the crypto industry from flourishing in the land of Uncle Sam, which is a shame because the country loses out, and other nations may embrace the technological innovation that comes from cryptocurrencies and position themselves as leaders in the crypto field.

Is the crypto industry doomed in the United States? Leave your comment below and let's discuss this issue.

***This article is informal, and the opinions expressed are solely those of the author. The mentioned sources are accurate and can be consulted to verify the authenticity of the news.