The unavailability of the American regulator in not wanting to create regulations for the cryptocurrency industry is well known, and the lack of sensitivity on the part of this entity to keep companies operating in the ecosystem confident in finding a resolution to the dilemma is increasingly concerning.
The way the leaders of this organization are creating a hostile environment for cryptocurrency companies operating in America is incredibly pathetic and peremptory, ultimately driving them to leave the market in search of viable solutions to the problem.
These companies are certainly going to relocate to other jurisdictions if the regulator doesn't change its stance and work on creating regulations for the crypto industry. After all, direct competitors already have clear laws regarding the crypto ecosystem, and market giants are aiming their sights on places like Hong Kong, the United Arab Emirates, and the European bloc.
They are positioning themselves in the market and establishing themselves as leaders in the cryptocurrency market.
Meanwhile, the contradictions between the regulator and Coinbase are increasingly buried in a process of accusations, while others are making progress.
Less than 10 hours ago (from the time I wrote the article), Paul Grewal, Chief Legal Officer (CLO) of Coinbase, tweeted from his personal account, comparing the latest allegations from the SEC chairman, who contradicted himself in two public appearances. In one statement, he claims that Coinbase's mandamus petition is still being considered and will eventually be taken into account.
In another, when asked about the matter in an interview, Gary Gensler remarks, "The laws governing the crypto market already exist!"
If Gary Gensler's statements are true, it is evident that the regulator lacks the willingness to create laws that govern the crypto market, as they believe that the laws regulating the industry are already included in those that have long been established for traditional securities markets. It is truly absurd that a regulator of the SEC's caliber would engage in this cat-and-mouse game simply because they want to assert their power as a regulator, as they are the ones who make the law and everyone must comply.
It is unfortunate that the regulator thinks this way, which will inevitably lead American companies to migrate to other regions with clear laws and regulations to continue their business. Locations like the United Arab Emirates, Bermuda, the European zone, and now Hong Kong are ready to welcome them. Coinbase has already taken steps in this direction, seeking a license in Bermuda to operate an offshore exchange, and also in the United Arab Emirates, where they recently conducted a business visit.
Gemini already has a new European headquarters, and the chosen location is Dublin, Ireland, wasting no time with Gary and his company's antics. Ultimately, the real losers in this situation are not only the American national treasury but also the opportunity to be a leader in the cryptocurrency market and technological innovation.
I have been following this issue regularly and would like to understand your perspective. Will the SEC still be able to create laws for the crypto industry? Or will they continue to assert that the laws already exist and must be complied with? Please leave your comments below, and let's discuss the topic together.
**Disclaimer: All images and content are original and created by me