Gemini’s co-founder believes the next crypto bull run will come from the East.” It will be a humbling reminder that crypto is a global asset class,” he said. “The West, really the United States, has always had only two options: embrace it or be left behind. It cannot be stopped.”
The Gemini co-founder
about the next crypto bull run.
Cameron Winklevoss, co-founder of the U.S.-based cryptocurrency exchange Gemini, believes the next crypto bull run will come from the east. He tweeted Sunday.
My working thesis is that (at this point) the next bull run will start in the east. It will be a humble reminder that crypto is a global asset class.
“The West, really the US, has always had only two options: accept it or be left behind. There is no stopping it. We know that,” he stressed.
“Governments that do not provide clear rules and honest guidance will turn to dust. ASAP. This means missing the biggest growth period since the rise of the commercial Internet,” the Gemini co-founder continued. “And it means missing out on shaping and being a fundamental part of the future financial infrastructure of this world (and beyond).”
The U.S. Securities and Exchange Commission (SEC) is under intense scrutiny following recent enforcement actions against crypto companies. Regulators charged crypto exchange Kraken with its staking program on February 9 and Paxos a few days later with its stablecoin Binance USD (BUSD) issuance; the SEC also charged Gemini in January for offering retail investors through its “Earn” crypto asset lending program in January for allegedly offering and selling unregistered securities to retail investors through its “Earn” crypto asset lending program.
Many crypto advocates, including SEC Commissioner Hester Peirce and several members of Congress, have expressed concern that the SEC has not provided clear rules for crypto companies to come into compliance. Instead, the commission has opted to take an enforcement-centric approach to regulating the crypto industry.
Meanwhile, a growing number of Asian jurisdictions are making efforts to become crypto hubs, including Hong Kong, Singapore, and Busan, the second largest city in South Korea. Several European locations are also striving to establish themselves as crypto hubs. A recent survey by crypto tax firm Recap ranked London as the “most crypto-ready city.”
Brian Armstrong, CEO of Nasdaq-listed crypto exchange Coinbase, said last week that without clear crypto regulation, the United States risks losing its status as a financial hub. He and Kraken CEO are calling on Congress to act immediately to pass clear crypto legislation.
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