US Has Created A Void That Other Nations Are Eager To Fill – Coinbase
Coinbase has highlighted that the strict approach of the US government towards regulating crypto has created an opportunity for other countries to take the lead in fostering a thriving crypto ecosystem. Meanwhile, the firm disclosed that it is prepared for a potential legal dispute with the SEC.
Other Countries Are Establishing Favorable Crypto Regulation
After receiving a Wells notice from the SEC last week, Daniel Seifert, Coinbase’s VP and Regional Managing Director in Europe, wrote a blog post titled “Europe is Winning.” In the post, Seifert highlighted that despite the industry’s widespread demand for comprehensive crypto regulation, the US has relied on “regulation by enforcement.”
He noted that this strategy has made the crypto sector unclear and unstable. Seifert suggested that due to the US’s strict regulatory approach to the crypto industry, it is losing its position as the main hub of the crypto sector.
Instead, countries like France, the UK, and the European Union are creating robust crypto ecosystems because of their more favorable regulatory stance. He wrote that the US had created a gap that other countries are keen to take advantage of and expressed his frustration at seeing the country waste a huge opportunity to be at the forefront of innovation.
Seifert referenced the Paris Blockchain Week, citing the UK’s recent efforts to become a crypto hub and the European Union’s forthcoming Markets in Crypto-Assets (MiCA) regulation as examples of non-enforced regulatory frameworks.
Taking The Lead
Seifert mentioned that Paris Blockchain Week, taking place at the Louvre, clearly indicates that France is recognizing the potential of crypto and creating opportunities for its growth. He also noted that other countries such as the EU, UK, UAE, Hong Kong, Singapore, Australia, and Japan are also taking steps to support the development of the crypto industry.
The MiCA regulation has been under development for two years to establish consistent guidelines for cryptocurrency assets, services, and activities in Europe. It aims to have a beneficial impact on Europe’s cryptocurrency ecosystem by providing transparency and direction.
As a result, Europe currently has an equal number of crypto developers as the United States (29% each globally), despite the US previously having the majority of crypto developers (about 40%), according to Seifert.
The Crypto Council for Innovation emphasized in a Twitter thread that the global nature of crypto means other countries are not waiting for the US to take the lead. The thread also highlighted positive developments in Australia, Hong Kong, and Canada, among others, in the crypto space.
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