The US is losing the crypto race
The post The US is losing the crypto race appeared on BitcoinEthereumNews.com. The United States — though renowned for its forward-thinking role in the technological revolution — is failing to remain competitive in the burgeoning crypto economy. On one hand, large-scale institutional investment into crypto means that the US can, in many ways, still be considered at the helm of the industry. On the other hand, the space being made for incumbents to innovate while newer, more specialized players are pushed out of the market is remarkably at odds with the American Dream. Those of us who admired the rags-to-riches storytelling from afar have been met with a harsh reality, in which only the already obscenely wealthy can prosper. How did we get here? How did we go from 2022, a year marked by crypto Super Bowl ads and celebrity endorsements, to 2023, when North America’s future in our industry is so unsure? For many, the current state of affairs can be traced back to profound examples of criminality, corruption and mismanagement. When LUNA collapsed in May 2022, approximately $60 billion USD in value was wiped from the digital asset space. Those who had been made millionaires by LUNA’s meteoric rise in the previous year lost everything. In November 2022, shocking revelations led to the downfall of crypto exchange FTX and its once-hailed founder Sam Bankman Fried, who has since been accused of commingling funds between separate ventures and grossly abusing user assets. The total value of digital assets fell below $850 billion by December 2022, from a height of over $3 trillion in November 2021. We entered 2023 firmly rooted in today’s crypto winter. The role of any regulator is to protect the public, be it in relation to data protection, healthcare provision or digital assets. Regulators in the US are no different — and the crypto market collapse was more…
The post The US is losing the crypto race appeared on BitcoinEthereumNews.com.
The United States — though renowned for its forward-thinking role in the technological revolution — is failing to remain competitive in the burgeoning crypto economy. On one hand, large-scale institutional investment into crypto means that the US can, in many ways, still be considered at the helm of the industry. On the other hand, the space being made for incumbents to innovate while newer, more specialized players are pushed out of the market is remarkably at odds with the American Dream. Those of us who admired the rags-to-riches storytelling from afar have been met with a harsh reality, in which only the already obscenely wealthy can prosper. How did we get here? How did we go from 2022, a year marked by crypto Super Bowl ads and celebrity endorsements, to 2023, when North America’s future in our industry is so unsure? For many, the current state of affairs can be traced back to profound examples of criminality, corruption and mismanagement. When LUNA collapsed in May 2022, approximately $60 billion USD in value was wiped from the digital asset space. Those who had been made millionaires by LUNA’s meteoric rise in the previous year lost everything. In November 2022, shocking revelations led to the downfall of crypto exchange FTX and its once-hailed founder Sam Bankman Fried, who has since been accused of commingling funds between separate ventures and grossly abusing user assets. The total value of digital assets fell below $850 billion by December 2022, from a height of over $3 trillion in November 2021. We entered 2023 firmly rooted in today’s crypto winter. The role of any regulator is to protect the public, be it in relation to data protection, healthcare provision or digital assets. Regulators in the US are no different — and the crypto market collapse was more…
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