The United States is in danger of being left behind in the rapidly advancing world of cryptocurrency. Financial hubs such as London, Singapore, and Hong Kong are vying for crypto companies to build there, while Europe recently passed comprehensive crypto legislation. Meanwhile, the US risks falling behind due to its lack of pro-crypto policies.
Coinbase CEO Brian Armstrong is leading the charge to fight for the survival and future of crypto in the US. The company has launched a campaign called Crypto 435, which aims to advance pro-crypto policy in all 435 congressional districts across the country.
The campaign seeks to grow the crypto advocacy community and provide tools and resources for individuals to make their voices heard.
The Importance of Advocacy in Crypto
Advocacy for pro-crypto policies is crucial in the US.
Policymakers in Washington, DC, and state capitals across the country are making decisions about the future of crypto. These decisions determine how, when, and where users can build, buy, sell, and use crypto. There is a high pressure on them to get it right as the industry has suffered enough in its absence.
Crypto 435 aims to influence laws and policies, promote innovation, protect jobs, and educate Americans about the power of crypto. The campaign brings the crypto community together and uses strength in numbers to make an impact.
A Race To The end
The risks of the US falling behind in crypto are significant. The current financial system doesn’t work for many Americans, and crypto has the potential to innovate and update it. While there is strong bipartisan support for pro-crypto legislation, lawmakers need to catch up with the rest of the world.
Coinbase has been regulated for over ten years and seeks to build a compliant and regulated industry in the US. However, the US risks being left behind while other countries are actively drawing crypto companies in.
Impact on Altcoins
While the US struggles to keep up with the rest of the world, certain altcoins continue to thrive. For example, the native token of decentralized exchange 0x Labs surged nearly 20% after the protocol agreed to work with Robin Hood wallet and Polygon to build a relay network. The relay network will provide deep liquidity and interoperability, making it easier for users to trade across multiple blockchains.’
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The world of cryptocurrency has been met with great excitement, offering new possibilities to those eager to dive into the digital economy with the promise of decentralization and a new global economic order. However, in recent months, the industry has become increasingly unstable and uncertain, with the United States in particular being hit hard by the “Crypto Apocalypse”.
In recent months, the US crypto industry has been rocked by a series of regulatory and legal challenges that have pushed companies to the brink of extinction. Several high-profile companies, such as EtherDelta and BitMEX, have been slapped with multi-million dollar fines for violating various financial regulations. Furthermore, the SEC’s recent rule changes have forced many crypto companies to comply with stringent laws, or face fines and possible closure.
This is particularly worrying for smaller players in the industry, as the cost of complying with these new rules can easily become too prohibitive for them to remain in business. Furthermore, many companies from outside the US have been forced to leave, severely limiting the talent and resources available in the industry.
The situation has been further exacerbated by the Internal Revenue Service’s recent stance on taxation of cryptocurrencies, which has left many confused as to how exactly to deal with the new rules. The lack of clear guidelines on the taxation of cryptocurrencies have left many US-based companies in a vulnerable position, with a great deal of uncertainty looming over their future.
Ultimately, the future of the US crypto industry looks bleak. Unless some form of regulatory clarity is provided soon, many of the country’s crypto companies may be forced to close their doors. It is imperative that the US government steps in and provides clear guidelines to companies that are attempting to navigate the new landscape, or else the situation may continue to spiral out of control.
