Cryptocurrencies dead in USA?
The last few months have not been goodfor American crypto users and it's all because of the regulatory issues created by the SEC which is an authority that takes care of such kinds of stuff in the country. The majority of exchanges have to go through a tough process and still, things are not back to normal dear and because of this some of the exchanges are exploring opportunities outside the US. This will not be a surprise if some leading exchanges in EU S announced their exit from the country in the current situation because the majority of them believe that the current situation is not good for their operations.
Exchanges like Coinbase and Gemini both are on the verge of exiting the country so if we get to know all of a sudden any day then it will not be a surprise I believe., Gemini exchange has announced that they are going to launch BTC perpetual contract but this will not be available for the US users and they are going to roll out it slowly for different countries. This exchange has also set up its operations in India as part of its expansion in Asia Pacific where Singapore and India are going to be the bigger market for them. They have announced that they will be setting up their hub in gurugram India and this is good for the country but sad that they are leaving you as which is not a good situation.
Chamath Palihapitiya who has been a long-term believer in Bitcoin shared in a podcast that crypto is going to be dead in America just because of the regulatory issues created by the authorities. This is not wrong because we have seen it happening over there and certainly regulations are necessary to safeguard the investors but at the same time, the authorities have to consider the situation of exchanges as well. There is always a way that can make things better while keeping the existing infrastructure intact but seems like the relevant authorities are not considering this and they are following an aggressive approach toward crypto companies,
Palihapitiya blamed crypto’s demise largely on regulators, who have gotten much more aggressive in their pursuit of bad actors in the industry. Securities and Exchange Commission Chairman Gary Gensler has said crypto trading platforms should abide by strict U.S. securities laws.
It is difficult to say as of now what will be the outcome of this type of environment in the country. There is another piece of news that has been shared about the coin base that the exchange has fired back against the SEC asking for clarity on the crypto regulation. Coinbase is one of the biggest crypto exchanges and they will not be giving up so easily so we will see what they are going to do next and how the SEC going to respond.
The crypto industry in the US going through a hard time and if this situation continues then probably we can expect that the growth of crypto will be slow in US but it is not the end of crypto. It is here to stay and some other countries will get the opportunity which will benefit them to empower their economy and some of the names we already know like the UK and Dubai etc. This could be a possibility just because of the continued regulatory uncertainty and this needs to be resolved as soon as possible to avoid the effect in the market.
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