An update on X (formerly Twitter) urged the crypto builders to flee from the U.S. market. The founder of the San Francisco decentralized exchange dYdX, Antonio Juliano, advises crypto investors at early growth stage to suspend their U.S. operations for the next five to ten years due to unsuitability of the market.
The executive encouraged the crypto builder to seek a suitable market overseas before returning to the U.S. However, Juliano urged the investors to return to the U.S. when the time was right.
Crypto Firms to Exit US
The executive praised the offshore market due to its suitability. He encouraged the crypto builders to prioritize developing their platform and increasing user adoption.
The official advice focused more on startups rather than well-established entities. He projects that startups in their early development stages will experience steady growth in the overseas market due to their attractiveness. Juliano added that most of the viable markets are located overseas.
Juliano restated the need for the crypto builder to flee from the U.S. market, citing the difficulties that limits growth. He argued it was not worth the hassle to remain in the unfriendly market.
In his report, Juliano underlined that the abroad market will provide an innovative business environment and an interesting product market fit (PMF).
Unsuitability of US Market
The executive lamented that not everyone cares about cryptocurrency nowadays. Unlike the others, Juliano is more concerned about crypto and projects that the industry will grow 100 times.
The official anticipates that the U.S. will provides a large user base for crypto assets in future. Therefore, the early crypto startups are urged to relocate overseas and return to the U.S. with sufficient leverages.
In his advice, Juliano stated the need for crypto regulations in the U.S. Even though it might take time to provide regulatory clarity on crypto assets, Juliano projects that other countries will follow in the U.S. footsteps.
Despite advising the crypto builders to pursue overseas markets, the official urged them to prepare for significant re-entry. Juliano regretted that the crypto industry has limited world-scale usage. It implies that no crypto products are in high demand or massive use.
The executive stated that the crypto community has minimal influence on policies. Juliano underscored the need to spearhead the growth of the crypto sector to influence the development of policies for digital assets.
Crypto Firms Pushing for Regulatory Clarity
Recently, the U.S. Securities and Exchange Commission has been blamed for failing to provide clear rules on crypto assets. A statement issued by the chief executive of Coinbase, Brian Armstrong, illustrated that the second largest crypto exchange by market value has been pushing for the adoption of clear rules for digital assets.
Commenting on Juliano’s recommendation, the Coinbase CEO argued that it could be much better if the U.S. regulators took the shortest time to implement the regulations on digital assets. He anticipates that by 2024, U.S. lawmakers will provide regulatory clarity on crypto assets.
Armstrong placed high expectations on the U.S. when it comes to policies. He explained that the U.S. ussually exhausts all possible options to get it right. The executive underlined that the U.S. will heal from its wounds despite the barriers placed by a particular group.
Elsewhere, the chief executive of Wintermute, Evgeny Gaevoy, supported Juliano’s remarks. The CEO envisioned it would take 2 to 3 years for the crypto industry to succeed. And if it won’t happen within the projected timelines, then crypto will never bring success.
Editorial credit: Maurice NORBERT / Shutterstock.com
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