Crypto Developers Urged to Shift Focus Outside US Amid Hostile Regulatory Environment

Crypto Developers Urged to Focus on Overseas Markets, Due to Hostile US Regulatory Environment

Antonio Juliano, founder of dYdX, has advised crypto developers to prioritize markets outside the United States due to the country’s hostile regulatory environment. He suggests that developers focus on experimenting in other markets and return to the US when the time is right. Juliano emphasizes that the majority of the crypto market is overseas and encourages startups to prioritize faster growth in more receptive and less restrictive markets. The lack of clear rules and regulations surrounding cryptocurrencies in the US has hindered the industry’s progress. Juliano believes that for the crypto sector to have more influence over US policy, it needs to grow further and amass substantial user bases.

Key Points:

Juliano advises crypto developers to forget about serving customers in the US for the next five to 10 years due to a hostile regulatory environment.
Startups could experience faster growth and user adoption by prioritizing markets outside the US.
Regulatory ambiguity in the US has hindered the progress of the crypto industry.
For the crypto sector to have more influence over US policy, it needs to grow further and amass substantial user bases.
Regulatory ambiguity in the US has forced crypto companies to explore other markets with clearer regulations.

Crypto Executives Weigh In On Discussion

Brian Armstrong, CEO of Coinbase, believes that progress in the US may happen sooner than expected and expresses confidence in the country’s ability to adapt and embrace cryptocurrencies. On the other hand, Evgeny Gaevoy, CEO of Wintermute, agrees with Juliano’s view and suggests that it may take 2-3 years for the US to become crypto-friendly, or it may never happen if crypto is not successful. Juliano acknowledges the importance of crypto policy work in the US but highlights the need for products with massive usage and strong user demand to shape policy decisions.

Hot Take:

The regulatory ambiguity surrounding cryptocurrencies in the US has led to a hostile environment for crypto developers. While some crypto executives believe that progress in the US will happen sooner than expected, others agree with Juliano’s recommendation to prioritize overseas markets. Crypto companies have already started exploring other countries with clearer regulations, indicating the impact of the US regulatory environment. To influence US policy, the crypto sector must continue to grow and amass substantial user bases. Overall, the US crypto market may need more time to become more receptive and less restrictive.