The US will not lose its attractiveness as the center of the crypto industry, despite popular belief to the contrary. Merkle Science CEO Mriganka Pattnaik said this in an interview with Cointelegraph.
Against the background of a number of tough measures by regulators and government initiatives, some top managers of American companies in the industry started talking about business relocation.
However, the co-founder and head of the blockchain analytics firm believes that there will be no major changes in this direction, at least in the medium term.
“My opinion here is a bit the opposite. I think that five years from now, most of the activity will still be in the United States,” he said.
Pattnaik noted that countries like India, China or the UAE have “strong consumer markets,” but the US has a much higher level of innovation and “deep talent.”
The expert also pointed to the “general market dynamics” of the US economy – in particular, the clarity regarding taxation. For these reasons, most likely, crypto companies will prefer to keep the bulk of their activities in the country, he said.
In March, Ripple CEO Brad Garlinghouse predicted that industry firms would leave the US due to a lack of clear regulation.
In May, Gemini founders Cameron and Tyler Winklevoss announced plans to open the company’s headquarters in London due to the “hostile” regulatory climate in the United States. Two major market makers – Jane Street and Jump Trading – announced the termination of operations with digital assets in the country.
ARK Invest analyst Yassin Elmanjra suggested that the United States will lose its leading position in the industry in favor of the UAE, South Korea, Australia and Switzerland.
Earlier, a similar opinion was expressed by Circle CEO Jeremy Allair. At the same time, the head of the USDC co-issuer called Hong Kong one of the potential cryptocurrency hubs. Kaiko CEO Ambre Subiran also listed the China Autonomous Region as a future home for US crypto firms.
Recall that Hong Kong offered Coinbase to change jurisdiction after filing SEC lawsuit against the American stock exchange. In January, the authorities announced the readiness of the region to accept cryptocurrency companies from around the world.
Found a mistake in the text? Select it and press CTRL+ENTER
ForkLog Newsletters: Keep your finger on the pulse of the bitcoin industry!