{"id":23702,"date":"2023-06-16T20:40:01","date_gmt":"2023-06-17T00:40:01","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/is-the-uss-crypto-crackdown-a-blessing-in-disguise-for-other-nations\/"},"modified":"2023-06-16T20:40:03","modified_gmt":"2023-06-17T00:40:03","slug":"is-the-uss-crypto-crackdown-a-blessing-in-disguise-for-other-nations","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=23702","title":{"rendered":"Is the US’s Crypto Crackdown a Blessing in Disguise for Other Nations?"},"content":{"rendered":"
\n

The regulatory crackdown on crypto in the US could prove to be just what is needed for the industry to thrive elsewhere, a recent Wall Street Journal article has indicated.<\/p>\n

But according to the article, which took a rather hostile tone towards crypto, the industry\u2019s move to greener pastures overseas is not something that should be celebrated.<\/p>\n

To avoid regulation in the US, the crypto industry \u201ccan flee abroad,\u201d the article declared, while adding that \u201cflouting the rules of regular finance isn\u2019t a bug of crypto, it is a key feature.\u201d<\/p>\n

The piece, written by London-based columnist Jon Sindreu, went on to accuse the crypto industry of having \u201cpaved the way for rampant speculation while reviving age-old phenomena such as bank runs,\u201d and hinted that innovation in crypto has not created any economic value.<\/p>\n

Despite this, certain regions outside of the US, including the European Union, the United Kingdom, Switzerland, Hong Kong, and the United Arab Emirates have embraced crypto with far friendlier regulations than the US.<\/p>\n

So far, the EU\u2019s new Markets in Crypto-Assets (MiCA) law has led the major crypto exchanges Binance, Coinbase and Gemini to open regulated entities in Europe, while many other companies have opened shop in Hong Kong and the UAE.<\/p>\n

As recently as last month, Hong Kong regulators showed just how eager they are to attract crypto companies to the semi-autonomous city, telling banks in a closed meeting that that they should \u201cnot be afraid\u201d of taking on crypto firms as clients.<\/p>\n

MiCA\u2019s \u201cbig red flag\u201d<\/h2>\n

Commenting on the EU\u2019s MiCA law, the Wall Street Journal article argued that the law\u2019s limited reach over decentralized finance (DeFi) protocols is \u201ca big red flag.\u201d<\/p>\n

\u201cWhile decentralized in theory, this corner of crypto can end up dominated by big lenders and concentrate voting power in a few hands,\u201d the article claimed.<\/p>\n

The piece finally said that crypto regulations in the EU and elsewhere will only remain friendly until the next big scandal hits investors, at which point regulators again are likely to tighten rules.<\/p>\n

\u201cAs much as crypto can run, all roads may end up leading back to the SEC,\u201d Sindreu concluded his piece by saying.<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The regulatory crackdown on crypto in the US could prove to be just what is needed for the industry to thrive elsewhere, a recent Wall Street Journal article has indicated. But according to the article, which took a rather hostile tone towards crypto, the industry\u2019s move to greener pastures overseas is not something that should […]<\/p>\n","protected":false},"author":1,"featured_media":23703,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-23702","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nIs the US's Crypto Crackdown a Blessing in Disguise for Other Nations? | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The regulatory crackdown on crypto in the US could prove to be just what is needed for the industry to thrive elsewhere, a recent Wall Street Journal\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=23702\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is the US's Crypto Crackdown a Blessing in Disguise for Other Nations? 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