The CEO of Digital Asset Management giant Grayscale says US regulators have an opportunity to let America dominate the crypto space.
In a new interview with Yahoo Finance, Grayscale CEO Michael Sonnenshein say Crypto’s market capitalization is still “quite small and in its infancy” compared to the broader financial space.
According to Sonnenshein, the fact that crypto is even attracting the attention of major entities like the G20 and the International Monetary Fund (IMF) is an important validation for the technology.
Grayscale’s CEO says impartial action in Washington involving crypto industry leaders is key. According to the CEO, crypto leaders can be an important resource for regulators.
If U.S. regulators seize this opportunity, Sonnenshein says the U.S. economy has a chance to become dominant in the still growing and expanding crypto space. He says good regulation will protect customers and help the technology develop safely. More importantly, it could give the US an economic boost.
Recently, Anatoly Yakovenko, co-founder of Solana (SOL), also urged lawmakers in the United States to bring regulatory clarity to the digital assets industry to allow the country’s innovative spirit to flourish.
“Every day I meet promising entrepreneurs who want to build the next big technological innovation in America, but don’t know how to build a blockchain company in a compliant way…
It is well documented that there is no viable path to reasonable certainty in this area. For young entrepreneurs, the lack of clear rules is terrifying. They watch public companies worth billions struggle to navigate the legal landscape and wonder how their small project will survive.
Faced with the choice of staying in America or pursuing their dream, more and more founders are choosing to leave. According to Electric Capital, the US was home to 42% of the world’s open-source blockchain developers in 2018. By 2022, that figure had fallen to 29%.”
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