In recent weeks, the United States and cryptocurrency have become heated topics of conversation among notable figures and expert analysts evaluating the operational viability of US-based cryptocurrency exchanges.
This is due to the numerous crackdowns and regulatory scrutiny placed on crypto companies and exchanges in the United States.
While prominent exchanges such as Coinbase and Gemini contemplate relocating their headquarters or even discontinuing operations in the United States, these decisions could impact the industry’s development and global crypto adoption.
In a recent blog post, Messari founder Ryan Selkis discussed the ongoing crypto offshore migration predicament.
Yesterday, Messari founder Ryan Selkis posted on his official Twitter account that the “US has the largest reserve currency and top software economy” in the world and that “people who say, ‘just move crypto offshore and build where it is friendly and accepted’ are taking a short-sighted, costly approach.”
Selkis also inferred that cryptocurrencies are more valuable and grow at a quicker rate in the presence of a friendly United States, which may imply that exchanges seek alternative methods to manage the US-Crypto situation as opposed to completely ceasing operations.
John Deaton, an advocate for XRP, concurred with the statements made by the founder of Messari. Deaton replied that international borders are an illusion, and even if an exchange attempts to abandon or avoid offering crypto services to US consumers, US regulatory agencies can swiftly establish jurisdiction via email and US wire transfer.
US regulatory exchanges can assert that exchanges intended to penetrate US customers through secondary transactions. As a solution, he recommended that crypto exchanges fight back.
The Texas House of Representatives recently passed a bill that could serve as a weaker regulatory framework for crypto companies and exchanges operating within the state, as fears of major crypto exchanges potentially fleeing the United States continue to grow.
Also Read: Head Of Public Policy At Ripple Urges The U.S. To Learn From The EU And The United Kingdom
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