The Mass Exit Of Crypto From The USA Has Begun
When words aren't enough it's time for action and that's exactly what crypto businesses in the USA are doing. The SEC and government have been so aggressive towards crypto lately and for honestly no reason while the things they should have been worried about such as FTX and other platforms slipped under their radar. It's honestly been a shit show for the SEC and people are sick of it. Just a few days ago the SEC leader got grilled by congress and one of the biggest takeaway for that at least for me was the SEC overreaching and trying to lay down new rules when they don't have the power to do so. Instead they are simply running rampant and fining everyone they can based on extremely dumb reasons that does nothing to boost the confidence of investors.
In fact it's doing the complete opposite as crypto based companies here in the USA start to leave and open up shop in other places. Perhaps that might be a wake up call for the USA to start adopting crypto instead of attacking it. Otherwise they are quickly going to find themselves isolated and in a world of hurt. It's clear that over half the world is now attacking the USAs leadership and isolating yourself is not the way to improve your chances that's for sure.
At First It Was Coinbase
Coinbase has honestly been a fundamental part of crypto adoption. Yes they have had their struggles for sure and some questionable things like any company does there's simply no denying that crypto would not be where it is today without coinbase. They paved the way for some of the most impressive crypto adoption and easy to use interfaces ever.
Recently the SEC sent them a wells notice after countless times trying to work with the SEC and getting no where. You see the SEC is hell bent on calling crypto and all crypto a security. However nothing has passed law wise that says it is and it seems like no one can really make up their mind about it. So what does the SEC do? They try and take it upon themselves and just call it a security and fine the heck out of everyone. A very counter productive method of getting something done which creates many enemy's.
Because of this Coinbase is now looking to move off shore and do business elsewhere further isolating the USA once again. Idk about you but as of the last 2 years the USA has done a great job at making enemies around the world and at home. It's not a good look and it seems like they wont be chaning face any time soon.
Gemini Goes A Step Further
While coinbase has only talked about it and started the process another company called Gemini just launched their own derivatives platform outside of the united states. You can see this as a clear jab at what is going on currently with crypto in the USA.
This new platform will have derivatives contracts for BTC first and also GUSD otherwise known as Gemini Dollars (GUSD) and ETH/GUSD. This shows the core focus is Bitcoin and Ethereum for most major players.
These perpetual contracts are set to never expire and not be like traditional futures contracts we so often hear about.
It's Clear
It's clear now that if the USA doesn't start to be more welcoming to crypto it will exit and thrive elsewhere. It's in the USAs best interest to start being more friendly towards crypto and adopting it rather than attacking it. However their window to do so is pretty much limited to this year in which they have to act otherwise I see it as a slow and steady decline for the country.