There are concerns that the approach the US has taken towards the development of crypto will have a negative hit against the nation with one of the highest number of crypto users in the world – over 50 million.
According to a report written Yassine Elmandjra, a blockchain and cryptoasset analyst at Ark Investment Management, the inconsistency of the US towards crypto regulation can push the nation backwards in favor of other more crypto-friendly nations such as United Arab Emirates, South Korea, Australia, and Switzerland.
Cryptocurrency regulation in the US is a complex and ever-evolving landscape, with the Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), and the Financial Crimes Enforcement Network (FinCEN) being the three main federal agencies responsible for regulating cryptocurrencies.
Typical examples of how the country has not been clear on what it stands for in regards to crypto can be seen in the harsh lawsuits filed against firms such as Ripple, and Coinbase over the last two years.
For Yassine, the “regulatory uncertainty”…