Recent comments from representatives of the U.S. government, including President Donald Trump, have raised serious questions about the future of the crypto industry in the United States.
The United States is an economic powerhouse and their participation in any industry is crucial to the growth of that industry. The same is true for the crypto industry, which is why industry stakeholders have been trying to establish operations in the United States and comply with the country's regulatory standards. Recent trends show that the crypto industry in the United States is shrinking as many companies cease operations in the country.
The US President, Congress, and the Treasury Department have all publicly condemned and opposed cryptocurrencies in the past few weeks. The country's regulators have also presented cryptocurrencies in a negative image and made it difficult for them to comply with the requirements of the regulations. Trump, via Twitter, called digital assets a medium for criminal activities and said they are just castles in the air.
Commenting on the matter, Larry Cermak, head of crypto research at The Block, said that the trend seen in the United States is ominous and a serious problem. He tweeted that companies withdrawing from the United States and regulators investigating crypto companies are terrible signs for the future of the industry.
Challenges Facing the U.S. Crypto Industry
Some crypto exchanges have been banned from trading in the US. Bittrex and Poloniex had to geo-restrict all US traders. Binance also had to stop US traders from accessing its platform. Although Binance has stopped serving US customers, they are under investigation for suspicion that they did not actually stop serving US customers.
While there are still some exchanges that offer cryptocurrency trading to US traders, they are under investigation and regulatory challenges by various agencies. BitMEX and Bitfinex are examples of such exchanges that are still operating but are caught up in the war launched by US authorities.
Requests from US authorities
The announcement of Facebook's Libra project has triggered a new wave of attacks on the crypto industry. The US government wants to impose strict regulations on the crypto industry. The need to control cryptocurrencies comes from the threat that digital assets pose to the dominance of the US dollar around the world. In order to protect the dominance of its currency, the United States is destroying the crypto industry within its borders.
While they may be able to prevent the development of the crypto industry within the United States, they will not be able to prevent the industry from growing in other parts of the world. Major crypto companies will move their operations to other countries where regulations are friendlier and the industry’s growth is encouraged.
Online crypto trading has become an irreversible trend. It is only a matter of time before people must accept this fact without reservation.
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