Washington must act now to save the American crypto industry—time is running out.
The global battle for crypto talent and investment is shifting away from the U.S., favoring more welcoming shores. Fortunately, it’s not too late—though it will be soon—for the U.S. to regain its footing, find a way to embrace crypto, and retake the lead in the race for developer talent and venture capital investment.
Right now, the U.S. is struggling to create a legal regime that can foster crypto innovation, while also safeguarding consumers and financial stability. Since the collapse of FTX, the Securities and Exchange Commission has taken an antagonistic view of the crypto industry, doubling down on enforcement actions and threatening the existence of publicly traded companies. The Biden administration is also targeting crypto, singling out the industry for a proposed 30% tax on energy use by crypto-mining operations. The mood is souring in the U.S., and many crypto entrepreneurs are hoping for a change in political winds following the 2024 elections.
