Despite the large number of crypto-centric companies founded and based in the U.S. \u2014 like Coinbase, Kraken, and so on and so forth \u2014 American regulation hasn’t been all too kind to the budding industry around Bitcoin over the past few years.<\/p>\n
Blockchain firms are fined millions by the Securities and Exchange Commission (SEC<\/a>) and digital asset service providers are heavily regulated due to fears of money laundering and other illicit acts.<\/p>\n While many of these moves are often made to reduce crime and protect investors, there’s been a trend of crypto companies shifting their strategy around the U.S. to attempt to fit in: the Goldman Sachs-backed crypto upstart Circle set up shop in Bermuda due to regulation, and prominent exchanges like Binance and Huobi have been forced to dramatically reshift their rules for American investors, cutting volumes dramatically.<\/p>\n According to Congressman Warren Davidson, one of the most crypto-active U.S. politicians, the legislature around cryptocurrencies should change, or else the U.S. could begin to give “crypto dominance” to China and Russia.\u00a0<\/a><\/p>\n In a recent tweet<\/a>, the Congressman of Ohio said that “by dragging its feet, Congress is giving China and Russia a head start in their quest for crypto dominance.”<\/p>\n Davidson made this strong assertion in reference to an article from the National Review<\/a>, in which the author stated that the American blockchain industry is suffering due to “anchors on the industry’s feet” placed there by regulators. The author added.<\/p>\n “As with other technologies, American innovators should be focused on bringing the very best products and services to market, not worrying about getting entangled in red tape.”<\/p><\/blockquote>\n "If the U.S. #blockchain<\/a> industry ever is to have a fighting chance in the global market, #Congress<\/a> must remove the anchors from the industry's feet."<\/p>\n This is correct. By dragging its feet, Congress is giving China & Russia a head start in their quest for #crypto<\/a> dominance. https:\/\/t.co\/XTXRo9NmIq<\/a><\/p>\n — Warren Davidson \ud83c\uddfa\ud83c\uddf8 (@WarrenDavidson) February 7, 2020<\/a><\/p><\/blockquote>\nCongress Needs to Step Up Crypto Game<\/strong><\/h2>\n
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