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Is Crypto industry moving away from US?


The beginning of this year was tough for Cryptocurrency entrepreneurs and enterprises.

The headlines were filled with articles about incoming, ongoing, and possible lawsuits and legal battles between the legacy system and crypto innovation.


SEC has been very active this year, filing almost 40 complaints, and fighting with Binance BUSD and Kraken staking.

Despite many calling Cryptocurrencies a fever dream, it is now almost undeniable that Crypto is here to stay.

It is not a secret that many countries accepted this as a fact and started to prepare their legislation for a smooth shift.

And what US legislative bodies do can be called an attempt to restrict the growth and reach of the industry.

According to Brad Garlinghouse, CEO of Ripple

"Crypto industry has already started moving outside of the U.S., given its crypto regulation process is “behind” other countries like “Australia, the United Kingdom, Japan, Singapore and Switzerland. He commended these countries for taking “the time and thoughtfulness” to create “clear rules of the road,” adding that the approach taken by the U.S. is not a “healthy way to regulate an industry."


Ripple Labs has an ongoing lawsuit that was filed by SEC in December 2020. Despite his views on the subject Brad Garlinghouse attempts to fight mismatched laws and still believes that Crypto has a future in the US.

But how many entrepreneurs have the same patience and means as Garlinghouse? The hostile environment may prove frightening for future crypto startups and projects may try to avoid getting caught in US legislative traps.

According to many experts, Blockchain Industry is growing exponentially in countries like the United Kingdom, Japan, and Switzerland. 

The European Union also seem to be a direction for many to grow their businesses. 

Many Blockchain technology startups also began sprouting in African countries, taking advantage of the current process of open-minded law creation that is happening in Africa.

But the three biggest countries i.e. India, China, and US seem to struggle with the technology race and took a few shots to the knee in recent years with their unadjusted way of lawmaking.

 

So what is your opinion?

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None of the information in this article should be considered financial advice, it's my analysis and facts I wanted to share with this wonderful community.

 

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CrSanity
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I'm a crypto investor, enthusiast and a beginning writer for Publish0x.


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