Given the regulatory environment in the United States, American crypto companies are looking to Bermuda and its more friendly digital asset framework. "Enforcement is increasing. However, regulatory clarity has not increased, or has not increased," said Andrew Gordon, managing attorney at Gordon Law Group. Bermuda has spent the past five years building and fine-tuning its digital asset framework since enacting the Digital Asset Business Act. The act establishes a licensing regime for operating businesses such as issuing, selling or redeeming digital assets, acting as a payment service provider using digital assets, and electronic exchanges. Bermuda has issued licenses to crypto companies, including Block and its subsidiary Cash App, as well as Circle, the Boston-based issuer of the USDC stablecoin. (The Block)