Cameron Winklevoss is co-founder of Gemini, a U.S-based cryptocurrency exchange. He believes the East will be the next crypto bull market. Sunday, he tweeted:
At the moment, my working thesis is that the East will be the place where the next bull market begins. It will serve as a humble reminder of crypto’s global nature.
“The West, or the U.S.A., has always had only two choices: accept it or leave it behind. It cannot be stopped. He stressed that we all know this.
“Any government that does not offer clear guidelines and honest guidance will be left behind. Quickly. The Gemini co-founder stated that this will result in missing the best period of growth since then. It will also mean that you won’t be able to shape and contribute to the financial infrastructure of this future world (and beyond).
After recent enforcement actions against crypto companies, the U.S. Securities and Exchange Commission has been under intense scrutiny.
On February 9, the regulator indicted crypto exchange Kraken for its staking program, and Pxos a few days later for its stablecoin Binance USD(BUSD) issuance. In January, the SEC took action against Gemini for allegedly selling unregistered securities through its ‘Earn’ crypto asset lending program.
Many supporters of crypto, including Hester Peirce, the SEC Commissioner, and other lawmakers have voiced concerns that the SEC does not provide clear guidelines for crypto firms to comply. Instead, the Commission chose to regulate the crypto industry through an enforcement-centric approach.
A growing number of Asian jurisdictions are trying to be a crypto hub. These include Hong Kong and Singapore. Many European countries are also trying to become a crypto-hub. Recap, a crypto tax firm, recently ranked London the most crypto-ready city.
Brian Armstrong, the CEO of Coinbase, a Nasdaq-listed cryptocurrency exchange, stated last week that the U.S. could lose its position as a financial center if there’s no clear crypto regulation. The CEO of Kraken has urged Congress to quickly pass clear crypto legislation.