Anthony Pompliano, Founder and Partner of crypto-focused hedge fund firm Morgan Creek Digital, has blamed the US’ uncertain regulatory environment for the exit of many cryptocurrency companies, including payments company Circle.
In a blog post published July 22, Circle said that it would be establishing a new subsidiary in Bermuda, in addition to its existing offices in the United States, the United Kingdom, Ireland, and Hong Kong. The company acknowledged that one of the reasons for shifting its operations to Bermuda was due to the existence of transparent regulatory requirements within the country.
Warren Davidson, a United States Congressman serving Ohio’s 8th district, agreed with Pompliano’s sentiment, stating that there was a need for greater regulatory certainty within the country. The Congressman proposed that the Congress pass the Token Taxonomy Act, a bill which was presented before the United States Congress back in April, several months ago. According to Davidson, the passing of this particular legislation will be a crucial step towards “providing the light-touch regulatory certainty our economy is lacking”.