During a recent podcast, the CEO of IOHK, Charles Hoskinson, stated his concern about the progress of financial development, saying that America could fall behind other major or minor countries if it doesn’t do something about the strict regulations applied to cryptocurrencies.
Charles Hoskinson was a part of a very recent episode of the COINs podcast, in which he gave his opinion about the situation regarding crypto regulation issues in the USA. Charles specifically mentioned that if the USA doesn’t deal with the regulation issues, then it might fall behind drastically, and countries like Switzerland and Ethiopia might be considered to have greater wealth and much more competitiveness in the global financial market. He said that those countries who adopt crypto and blockchain technology early would have a much better performance in the market, compared to the USA, European Union, and China, which have been showing much aggression towards cryptocurrency and blockchain technology.
Same feelings Around
The other guests invited to the podcast also had the same type of opinion in regards to the regulatory issues in the United States. CEO of ShapeShift, Erik Voorhees, said that the United States is basically pulling the trigger on itself for not taking care of crypto regulations or the market. This could eventually lead to major projects shifting outside the US, which can cause massive damage to the economy and overall financial system in the USA.
Difficulties in Crypto Trade
The strict regulations in the United States have been a major problem for many crypto-based companies. Binance, which currently holds the title of the biggest crypto exchange, had to deal with a lot of pressure, which forced it to construct another entity in order to stay within the strict regulatory measures. This strict behavior towards crypto has also resulted in the rejection of multiple Bitcoin ETFs from the official USA SEC.
Crypto-based companies in the city of New York have to acquire an operating license named, BitLicense from the main financial services department in order to proceed with operations and projects. And, of course, getting hands-on with this license is not particularly easy, which makes it a lot difficult for companies to operate. Thus there is no evolution in the financial sector of the USA.