Cryptocurrency experts have voiced their opinion about the future of the U.S market space, seeming convinced that the market is set to fall behind other important stakeholders like Switzerland and South Korea, among other important Asian countries. This rather blunt opinion from experts has come about after the SEC’s constant derogatory involvement in the crypto space.
Talking to BlockPublisher, Morgan Creek Digital Assets’ founder and partner Anthony Pompliano shared the sentiment that major crypto companies are set to leave the U.S in the next few months. He said:
Timing is hard but there is a shift occurring for sure.
Earlier, crypto analyst and investor, Joseph Young added his opinion via Twitter. He believes that the work being done in other important crypto inherent regions of the world will soon prove to be enough to leave the U.S. market behind. He also took a sly dig at U.S. regulatory bodies, the SEC and CFTC, adding that other countries are working with regulations in place. He said:
We will see many crypto companies leave the US in the next few months without a doubt. US is a huge market. But, see the work South Korea, Japan, Switzerland, Malta, UK, and many other countries are doing with regulation.
Young shared statements made by Michael Arrington, the founder of Silicon Valley based start-up covering blog Tech Crunch. Arrington, a partner at Arrington XRP Capital revealed that they had been subpoenaed by the SEC for the second time. He revealed that the SEC had been collecting information from every cryptocurrency hedge fund and wants to know “what they want” instead of setting up rules for the rest of the market. He seemed increasingly frustrated at the second instance of being subpoenaed and announced that Arrington XRP will not be investing in the U.S. because of the legal costs they have had to bear with these matters. He suggested moving towards the Asian market.
Arrington joins an increased part of the U.S. crypto space that is now asking for clarity on how the SEC classifies token sales. On Friday, 15 other congressmen wrote to the SEC’s head Attorney Jay Clayton, asking to clarify how they were approaching token rules.