The cryptocurrency industry has been abuzz as US-based crypto exchanges, including Coinbase and Gemini, face increased regulatory scrutiny and consider relocating operations or even ceasing activity in the US. This ongoing debate has caught the attention of notable figures like Messari Founder Ryan Selkis, who recently shared his perspective on the matter.
Selkis argues that relocating operations offshore is a “costly short-term view” and emphasizes the importance of the US’s position as the world’s largest reserve currency and software economy. He suggests that exchanges should seek alternative ways to navigate the US regulatory landscape instead of completely abandoning operations. Pro-XRP lawyer John Deaton concurs, stating that even if exchanges attempt to leave or avoid offering services to US customers, US regulatory agencies can easily establish jurisdiction. Deaton recommends that crypto exchanges fight back against regulations.
In a positive development for crypto companies and exchanges, the Texas House of Representatives recently passed a bill that could provide lighter regulation for the industry. The bill aims to protect users and hold exchanges accountable while reducing regulatory bottlenecks.
As the debate around US crypto regulations continues, the cryptocurrency market has experienced a decline, with Bitcoin’s recent plunge dragging down the entire market. Analysts and experts are closely monitoring market reactions to the potential decisions of US-based crypto exchanges in the coming days and weeks.