{"id":53610,"date":"2023-08-27T12:53:12","date_gmt":"2023-08-27T16:53:12","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/crypto-developers-could-benefit-from-avoiding-us-market-whats-going-on\/"},"modified":"2023-08-27T12:53:16","modified_gmt":"2023-08-27T16:53:16","slug":"crypto-developers-could-benefit-from-avoiding-us-market-whats-going-on","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=53610","title":{"rendered":"Crypto Developers Could Benefit from Avoiding US Market \u2013\u00a0What’s Going On?"},"content":{"rendered":"
\n

Antonio Juliano<\/strong>, founder of the decentralized exchange\u00a0dYdX<\/strong>, has suggested that crypto developers forget about serving customers in the United States for the next five to 10 years due to a hostile regulatory environment.\u00a0<\/p>\n

In a recent X (formerly Twitter) thread, the crypto veteran encouraged crypto builders to focus on experimenting in other markets and return to the US when the time is right.<\/p>\n

“It\u2019s not really worth the hassle \/ compromises. Most of the market is overseas anyways. Innovate there, find PMF, then come back with more leverage,” he wrote.\u00a0<\/p>\n

<\/oembed><\/figure>\n

Juliano’s remarks were centered around startups rather than well-established projects.\u00a0<\/p>\n

He argued that startups could experience faster growth and user adoption by prioritizing markets outside the US, which are often more receptive and less restrictive.\u00a0<\/p>\n

The lack of clear rules and regulations surrounding cryptocurrencies in the US has been a significant concern within the industry.\u00a0<\/p>\n

Regulatory ambiguity, particularly regarding the jurisdiction of the\u00a0US Securities and Exchange Commission<\/strong>\u00a0and\u00a0Commodity Futures Trading Commission<\/strong>, has hindered crypto’s progress.\u00a0<\/p>\n

Juliano suggested that for the crypto sector to have more influence over US policy, it needs to grow further and amass substantial user bases.\u00a0<\/p>\n

<\/oembed><\/figure>\n

Crypto Executives Weigh In On Discussion<\/h2>\n

In response to the controversial argument from Juliano, a number of crypto executives offered different perspectives.\u00a0<\/p>\n

Brian Armstrong<\/strong>, CEO of\u00a0Coinbase<\/strong>, one of the leading cryptocurrency exchanges, said that progress in the US may happen sooner than expected.\u00a0<\/p>\n

“I see your point \u2014 but I think it will be better in a much shorter time. Probably by next year if I had to guess,” Armstrong responded.<\/p>\n

He expressed confidence in the US’s ability to adapt and embrace cryptocurrencies.<\/p>\n

<\/oembed><\/figure>\n

Evgeny Gaevoy<\/strong>, CEO of\u00a0Wintermute<\/strong>, also weighed in on the discussion, aligning with Juliano’s view.\u00a0<\/p>\n

“Only I think it will be either 2-3 years if crypto is successful or never if it is not,” Gaevoy stated.<\/p>\n

He added that crypto builders should focus on overseas markets initially, and the US may only become crypto-friendly after significant growth and adoption.<\/p>\n

Nevertheless, Juliano also acknowledged the importance of crypto policy work in the US, recognizing that it takes time to influence policy and that much of the world follows the US’s lead.\u00a0<\/p>\n

He claimed that there is a need for crypto products with massive usage and strong user demand to shape policy decisions.<\/p>\n

“Crypto not yet having world-scale usage\/product market fit means we don’t yet have much influence in policy. We need to have products with massive usage where users say, ‘wait, I need this,'” Juliano stated.<\/p>\n

It is worth noting that the regulatory ambiguity in the US has forced crypto companies to explore other markets such as the UK and Brazil, where regulations are clearer.<\/p>\n

Coinbase is already\u00a0expanding its global virtual currency\u00a0footprint aggressively with operations in Germany, Ireland, Italy, and the Netherlands.\u00a0<\/p>\n

The company is also considering a potential move to the UK and Dubai for a friendlier regulatory environment.\u00a0<\/p>\n

Likewise,\u00a0Binance<\/strong>\u00a0is doing what it can to be regulated in the UK despite a ban on the company by the UK regulator last year.\u00a0<\/p>\n<\/p><\/div>\n