U.S. May Miss Out On Crypto Industry In Coming Years: Paul Grewal
In a recent report, the chief legal officer at Coinbase exchange, Paul Grewal, stated that if the United States regulators continue their heavy clamp down on the crypto industry, they might face the same outcome as the semiconductor industry which left the country decades ago due to regulatory issues.
Current statistics reveal that the United States has significantly fallen behind among other nations regarding the adoption of cryptocurrency. Consequently, about 1 million developer gigs and 3 million high-income jobs related to crypto may leave the country for more conducive business countries in the future, according to Paul Grewal.
While speaking in a recent interview, Grewal pointed out that the jobs provided by the crypto industry are not rhetorical. He said it is only natural for Americans to try to have a fair share of the numerous job opportunities the industry provides.
Crypto Industry’s Departure Would Have Huge Impact
However, the CLO claimed that should the country persist in clamping down on crypto startups and refuse to set up a standard crypto regulatory framework, it might lose the crypto industry just like it lost the semiconductor industry.
In his speech, Grawal highlighted that the semiconductor industry was once well grounded and developed in the US, however, about 30 years ago, the industry left the US, moving to other regions with more friendly policies, and has since grown extensively. He said that the crypto industry is gradually experiencing the same hostile policies that flushed out the semiconductor industry from the US.
In the interview, Grewal revealed that with about 52 million US citizens using crypto-related products and services, they exceed the number of Americans who have driven electric vehicles. Hence, he said Coinbase is trying to urge the US government not to make similar mistakes that ushered semiconductors out of the region, with the cryptocurrency industry. He emphasized that they don’t want to be a ski g who lost cryptocurrency in the next three decades.
Grewal Says US Can Still Catch Up
Furthermore, in the interview, the CLO of Coinbase pointed out that about 83% of the G20 nations have developed and implemented regulatory frameworks for crypto. referencing the development, he said the US is losing the race. He highlighted that with the currency situation in the US, the future of crypto looks bleak in the country, however, it is not too late for the US to turn things around for the better by adopting and creating a crypto regulatory framework.
Grewal continues that if the US wants a positive future for cryptocurrency in the region, it has to start acting now. Meanwhile, there are several crypto regulatory framework proposals awaiting review and approval in the US House of Representatives. The CLO claimed that if these proposals were passed by the legislature, it would significantly help to correct the failing cryptocurrency trajectory in the region.
However, the report showed that the authority is delaying the approval process to consider the US crypto community’s calls for sensible, fair, and balanced digital assets regulations. Grewal believes with cries for reasonable laws from the community, the US might end up losing the cryptocurrency industry and the numerous potentials it offers.
US Needs Fair Rules To Tame Crypto Industry
In addition, Grewal reportedly stated that it is commonly known that the crypto industry is a favorite target for scammers, hackers, and fraudsters who lurk to exploit unsuspecting investors, stealing their crypto assets. He also pointed out that it is legally and morally appropriate for the US Department of Justice to actively pursue and file legal actions against scammers. But, he said there is no point throwing a baby out with the bath water.
The chief legal officer pointed out that if the crypto industry departs from the US markets, the market would incur a massive loss which would greatly impact traders and speculators. In addition, he said it would eventually close down the doors to future infections and innovations in the country.
Grewal highlighted that cryptocurrency and blockchain have several utility cases including centralized health records, identities, etc., which needs ample time and support to grow and develop to its full potential. He concluded that this is the more reason they needed a sensible and fair regulation structure to encourage responsible growth of the industry.
Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.
