“I suspect we will see more and more moves like this,” Andrew Lawrence, co-founder and CEO of Censo Inc., an on-chain custody solution said. “Yes, the U.S. is the biggest market, but people who are building in the crypto industry are doing so not because of the size of the market now, but because of the size of the market in the future and people are seeing that this future is not looking good in the United States.”
Ben Caselin, Vice President & Chief Strategy Officer at centralized crypto exchange MaskEX, agreed. “All eyes are now set on other jurisdictions,” he said. “This is not the best time for crypto startups in the U.S. Larger players such as Coinbase are able and should engage the regulator to come to solutions, but entrepreneurs and small businesses in crypto are probably better off in other jurisdictions.”
For his part, SEC chief Gary Gensler signaled he’s not too worried about the prospect of crypto firms leaving the U.S. On Tuesday he told Bloomberg TV that “we don’t need more digital currency… we already have digital currency, it’s called the U.S. dollar.”
Fireblocks’ Allegrante said even though the U.S. might be the most profitable market for some exchanges, that may not be reason enough for them to focus all their efforts there. “When a company publicly announces plans to establish exchange operations outside of the United States, you can assume that there are plans in place to shift that balance over time,” Allegrante said about Coinbase.
SEC's Latest Crackdown Could Drive Crypto Firms Out of the U.S.
Some industry experts say the SEC’s recent actions against U.S.-based Coinbase and Cayman Islands-based Binance could be a net positive for companies operating in the U.S, given the regulatory clarity they could help bring in the long run. In the short to medium term, however, these actions could force these firms to focus their efforts elsewhere.
“Regulatory pressure does create an incentive for exchanges to move overseas; for the digital asset industry specifically, it’s a much easier shift because there are no factories to move,” said Jason Allegrante, Chief Legal and Compliance Officer at infrastructure firm Fireblocks.
Coinbase recently announced it received a license to offer its services in Bermuda, where it reportedly plans to set up a crypto-trading platform outside of the U.S. The exchange is also doubling down on its operations in Canada, which has tightened its regulations for crypto firms but allowed Coinbase to sign an enhanced Pre-Registration Undertaking, signaling its intent to comply with the coming new regulatory framework.
Whether you’re a bitcoin maxi or an altcoin trader, there’s one thing everyone in this industry can agree on: Cold storage is the easiest solution on the market. Known for its ease of access and online connectivity, hodlers have long favored the use of cold storage. Well, not really.
Hardware wallets have long been the top solution for both security. Providing private key security trusted by long term hodlers, hardware wallets have been the go-to for users looking to keep their crypto safe. If you want to achieve this high level of security, all you need to do is take a university level course to figure out how to set it up.
The truth is, if you’re looking to actually put your crypto to use in your day-to-day life, hardware wallets can be incredibly complicated. Almost all existing solutions are made by geeks for geeks and require a pretty in-depth background to handle properly.
Imagine if there would be a way to incentivize projects to start by sharing their post and progress on Lens. Maybe the collect feature could be a way to fund new projects that are important for the community.
0.05 COLLECT! 🎶🎙️🤷♂️ 20K avail. i have no 💡 😳 i’m doing but im finna win a grammy #peace #lens #bts i want to do something 😛 w dis post like if it sells out n i get nominated i’ll give 250 winner vinyl
Tell me your first DeFi application you ever used and I will comment the years you’ve been in web3
📣 GM to all Phaver enjoyers!
Don’t miss the today’s Discord AMA where are hosting the Phaver’s most beloved Ali Tıknazoğlu @dollowen 👑🤗💯
AMA Info: ⏰ 6PM UTC, 9PM IST 📍ODTU Blockchain Discord -> discord.gg/vbtJQtMDXJ