- The cryptocurrency regulatory landscape in the United States is becoming increasingly hostile in 2023.
- The growing hostility has sparked a debate about cryptocurrency business immigration from the United States
- However, Binance’s Zhao Changpeng “CZ” remains optimistic.
The cryptocurrency regulatory landscape in the United States has become increasingly hostile since FTX collapse in November 2022.
An increase in enforcement efforts and informal guidance aimed at discouraging interactions between cryptocurrency and traditional finance has fueled speculation about Coordinating efforts to cut off the industry from much-needed liquidity. These efforts led to talk of an American cryptocurrency migration, but Binance emigrated Changpeng “CZ” Zhao He was optimistic that the situation would change.
Zhao is optimistic
The Binance boss highlighted that the US leadership in Web2 greatly affected the country’s global dominance. Zhao argued that the United States also wants to become a leader in Web3.
“At some point, the United States will breed leaders of Web 3,” Zhao said.
Czechoslovakia further emphasized that the United States had great potential to dominate the industry, citing its technical talent, venture capital environment, and educational system.
"The US has a lot of … reserved power, but today it's a bit chaotic," he argued.
The Binance chief’s comments come as growing regulatory uncertainty in the US threatens to drive the industry abroad. Several US crypto companies, such as Coinbase And twinRecently, they have turned their efforts abroad.
Meanwhile, Binance and Zhao found themselves on the receiving end of An enforcement action from the US Commodity Futures Trading Commission for allegedly operating an unregistered derivatives trading platform in the United States
on the flip side
Why should you bother
The United States hosts the largest financial markets, which has led some experts to it Argues That the industry needs a friendly US to grow and achieve mass adoption.
Read this to learn more about the confusing state of US crypto regulations:
Learn about the progress of the EU’s digital currency regulatory framework: