The US culture of entrepreneurship and innovation is almost unparalleled. Over the past decades, it’s generated a technological revolution comprising dozens of multi-billion dollar companies including Microsoft, Google, Amazon, Facebook, SAP, and many more.
However, the growth in popularity of cryptocurrency, combined with the hesitance of regulators to issue any concrete legislation has led to an increasingly uncertain environment. Consequently, at least as far as crypto is concerned, the “Land of the Free” may now no longer be a wholly accurate description.
Recently, representatives from crypto firms have spoken out about how the regulatory climate is becoming a deterrent to innovation. Circle, the firm that owns cryptocurrency exchange Poloniex, published a blog post explaining its frustrations with the SEC approach of “applying laws written in the 20th century to technologies created in the 21st.”
This came after Poloniex delisted nine crypto assets from its trading platform. According to Circle, the consequence of the SEC actions are, “chilling innovation in the US and nudging crypto projects toward jurisdictions with greater regulatory clarity.”