Justin Sun, founder of TRON and leader of Huobi exchange, recently expressed his agreement with Coinbase CEO Brian Armstrong’s comments that the lack of regulation in the US could lead to the country losing its status as a financial hub in the long term.
Armstrong continued by emphasizing that other nations, such as the European Union (EU), the United Kingdom (UK), and Hong Kong, are already taking the lead in this field.
This push for regulation comes at a time when the climate in the US towards cryptocurrencies is becoming more unfriendly. Both Kraken and Paxos have been subjected to regulatory measures as of late, one from the Securities and Exchange Commission and the other from the New York State Department of Financial Services.
Kraken was compelled to shut down its cryptocurrency-staking operations, and Paxos was ordered to stop issuing new Binance USD stablecoins as a result of unresolved issues relating to the oversight of its relationship with Binance.
Leaders in the industry are afraid that if there aren’t any laws that are both clear and comprehensive, the United States will lag behind in the worldwide competition for primacy in this field.
With other countries already taking the lead, it’s crucial that Congress acts soon to pass clear and comprehensive legislation that will allow the US to remain a major player in the world of crypto.
It remains to be seen whether Congress will take heed of these calls and act before it’s too late.
But in related developments, entreprenuer and crypto investor Kevin O’Leary has recently said that he expects a “rushed” crypto regulation bill in the country soon.
