The next bitcoin bull run will come from the East, according to Cameron Winklevoss, co-founder of the US-based cryptocurrency exchange Gemini. He thinks that this will serve as a reminder that cryptocurrency is a global asset class, and that the West, notably the United States, must embrace it or risk falling behind. He highlighted that crypto cannot be stopped and that any government that does not provide clear laws and direction would fall behind and lose out on designing the world's future financial infrastructure.
The risk of having no clear crypto legislation
Yet, the Securities and Exchange Commission (SEC) of the United States has been chastised for its recent enforcement measures against crypto businesses. The regulator charged Kraken for its staking program and Paxos for issuing the stablecoin Binance USD. In January, the SEC charged Gemini with promoting and selling unregistered securities to individual investors via its “Earn” crypto asset loan scheme. Numerous cryptocurrency proponents, including SEC Commissioner Hester Peirce and many senators, have voiced worry that the SEC is not establishing clear guidelines for crypto businesses to follow.
As a consequence, a rising number of Asian jurisdictions, including Hong Kong, Singapore, and South Korea's second-largest city, Busan, are attempting to establish themselves as crypto hubs. Some European cities are likewise attempting to position themselves as crypto hubs. According to a new survey conducted by the crypto tax service Recap, London is the “most crypto-ready city.”
Brian Armstrong, CEO of the Nasdaq-listed crypto exchange Coinbase, has urged Congress to move quickly to create clear crypto law. He and Kraken's CEO have cautioned that if there is no clear crypto legislation, the United States risks losing its place as a financial center.
In conclusion, Cameron Winklevoss thinks that the next cryptocurrency bull run will come from the East, reminding the globe that cryptocurrency is a global asset class. But, the SEC's recent enforcement efforts against crypto businesses have sparked fears that the United States is losing behind in the race to become a crypto powerhouse. As other jurisdictions across the globe work to embrace crypto and position themselves as crypto centers, the United States risks losing its place as a financial hub if clear crypto legislation is not passed soon.
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