Regulatory Roadblocks
The US has been losing its grip on crypto development due to strict regulations from the SEC under Gary Gensler. A recent Coinbase report shows a 26% drop in US-based crypto developers since 2018.
Industry Concerns
Experts like Bill Morgan and Paul Grewal have raised concerns about the stifling effects of these regulations on innovation. Morgan believes Gensler’s actions have discouraged the crypto market as a whole.
Push for Reform
In response to concerns about the US’s declining competitive edge, there’s a growing push for regulatory reform. The Biden administration has expressed a willingness to work with Congress on a balanced framework that protects consumers while promoting innovation.
Legislative Actions
Recent legislative actions, such as the Senate overturning SAB-121 and the potential passage of FIT21, reflect a growing recognition of the need for regulatory reform. These actions aim to create a more favorable environment for cryptocurrencies in the US.
