The U.S. crypto industry is facing challenges, and it’s important for Washington to take action now.
The U.S. needs to create a legal framework that promotes crypto innovation while protecting consumers and financial stability. Currently, the Securities and Exchange Commission has been taking an aggressive stance towards the crypto industry, and the Biden administration is proposing a high tax on crypto mining.
In contrast, the European Union (EU) has been more proactive in creating regulations that support crypto growth. The EU’s recent implementation of the Markets in Crypto Assets (MiCA) framework has attracted developer talent and venture capital investment.
The U.S. has seen a decline in its share of the blockchain developer market, while the EU’s share has increased. The next 12 to 18 months will be crucial in determining whether the EU can solidify its lead in crypto investment and talent.
However, there is still hope for the U.S. if the government can adopt a more positive view of crypto. It is essential for the U.S. to take action before it loses its position in the global crypto industry.