As the US tightens its grip on cryptocurrency legislation, cryptocurrency startups are increasingly eager to expand globally. They intend to shift their business totally. The US government’s enforcement activities are producing significant market movements.
Major companies in the American cryptocurrency market are increasingly looking for opportunities globally. Coinbase, the largest exchange in the United States, has set up shop in Bermuda. Meanwhile, Gemini is attempting to obtain a license in the United Arab Emirates. Other smaller cryptocurrency exchanges have completely ceased business in the United States.
The Securities and Exchange Commission’s (SEC) increasing enforcement serves as a reminder to others to follow the law. The recent litigation against Coinbase and Binance have signaled an important turning point in the industry. This industry was only a few years ago attempting to gain widespread approval.
As a result of the efforts taken, American cryptocurrency companies are considering worldwide development. This is due to the fact that different countries have distinct jurisdictions that enable such activities to occur within their borders.
🚀Crypto firms eye global expansion amid U.S. crackdown. 🌍 #SEC
— Walletor (@walletorapp) June 8, 2023
The potential of crypto companies leaving the United States is a hot topic in crypto groups on social media. However, not all of them want to migrate. This is especially true for mining businesses that find it cheaper to operate in the United States.
Tensions between the SEC and crypto exchanges such as Binance are a hot issue in the headlines right now. Some speculate that the US government aims to fully eliminate cryptocurrency in the country. At the end of the day, this is just speculation on social media.
Finally, the governmental assault on cryptocurrencies in the United States is prompting American crypto businesses to consider overseas development. The outcome of continuing legal challenges and efforts by the industry to set rules will likely impact the future of the cryptocurrency industry.