The majority of the US-based crypto companies are planning to go under a highly Crypto-Friendly jurisdiction amid the unclear crypto regulation system in the US.
The top leading crypto companies are mainly from the United States, as there are huge numbers of millionaires, Billionaires, & VC investors. In the last 3 months of this year, the majority of the US-based successful crypto companies faced regulatory heat over their crypto business. The latest crypto companies which faced regulatory pressure in the US are Paxos Trust, Coinbase, and Kraken. Even a non-US crypto company Binance.com faced charges by the US CFTC agency over market manipulation & lack of cooperation with the regulatory bodies.
In the present time, the majority of crypto companies seek a clear regulation system, so that they can follow all the necessary rules & expand business in the US without any legal hurdles.
In the US, there are many crypto-friendly senators, which are supporting the crypto sector and try to bring crypto legislation into the US law, so that crypto companies can provide services under full compliance.
Recently US Senator Cynthia Lummis from Wyoming spoke with Coindesk Media and she reminded that she is working on a new bill to bring crypto into the crypto regulation system in the US but it is unfortunate that the bill is not getting into consideration.
“The failure of the United States Congress to enact policy is pushing the industry to other countries,” she said.
The US senator noted that such unclear regulatory policies in the US are acting as a big negative point for the crypto companies to evolve in the US and this is the big reason why these crypto companies are moving to other countries, where the crypto regulation system is friendly & also clear.
“Europe is ahead of us in terms of its regulatory framework. Australia and the U.K. are getting ahead of us. Switzerland is far ahead of us,” Cynthia said.
In the present time, Ripple is standing at the top rank in terms of success as a crypto company. Because of its legal hurdle with the United States Securities and Exchange Commission (SEC), the company is shifting its operations outside US jurisdiction.
Also the Second-ranked stablecoin (USDC) issuer company Circle is planning to open its office in Paris, as France shows a significant friendly inclination toward the crypto sector as a leader.
Read also: CFTC sues Binance.com over manipulation & lack of compliance effort
Crypto companies moving under crypto-friendly jurisdiction: Report