Antonio Juliano, founder of the decentralized exchange dYdX, has recently suggested that crypto developers should refrain from targeting the US market in the next 5-10 years due to its hostile regulatory environment. In a X thread, he encouraged crypto builders to experiment with other markets, and return to the US when the time is right.
Juliano’s statement was directed at startups, as he believes they could experience faster growth and user adoption in less restrictive markets. The lack of clear rules and regulations in the US has been a major concern within the industry, and Juliano advocates that the crypto sector needs to grow to have more influence over US policy.
In response to Juliano’s view, some crypto executives have shared their own perspectives. Brian Armstrong, CEO of Coinbase, believes progress in the US may happen sooner than expected and expressed confidence in the US’s ability to adapt and embrace cryptocurrencies. Evgeny Gaevoy, CEO of Wintermute, on the other hand, agrees with Juliano’s assessment, saying that the US may only become crypto-friendly after significant growth and adoption.
The regulatory ambiguity has forced crypto companies to explore other markets. Coinbase is expanding its global virtual currency footprint in Germany, Ireland, Italy, and the Netherlands, and is considering a potential move to the UK and Dubai for a friendlier regulatory environment. Similarly, Binance is doing what it can to be regulated in the UK despite a ban by the UK regulator last year.
