Cathie Wood, the founder of ARK Investment Management LLC, has spoken out about the United States’ regulatory system hindering the country from being a leader in the Bitcoin BTC/USD movement.
What Happened: In her speech at Fortune’s Most Powerful Next Gen Conference, Wood highlighted how the cryptocurrency’s center of gravity is gradually moving out of the United States due to its unfavorable regulatory system.
She cited Coinbase’s recent move to Bermuda to receive licensing, while also expanding its presence in Singapore, as an example of this shift.
Wood expressed her disappointment on the US losing ground in the cryptocurrency race, pointing out that “It would be nice if the U.S. were leading this movement, but we’re losing it, and we’re losing it because of our regulatory system,” Coinbase reported.
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Why It Matters: Wood also referred to the drastic collapse of FTX last year to emphasize the growing need for a decentralized, transparent, and auditable monetary system.
She believes that…