Why US SEC matters to crypto space
The US SEC has been taking action against Centralised Exchanges like Binance/Kucoin and organizations developing blockchains & coins like XRP/Ethereum.
US is one of the major markets for crypto. The dynamism of the tokens would not be possible if not for the US.
However the actions of the SEC is creating a lot of uncertainty. They did not write a new set of laws for this complex space. Nor did they sit down & group existing laws into containers & communicate that to the public. All SEC is doing is using dinosaur laws & the courts to interprete/judge the dinosaur laws on different situations. It's a case by case approach & fluid without proper boundaries.
Such approach causes uncertainties & will impede crypto industry expansion in the US. The creativity & innovativeness in US will be dulled & crypto jobs lost.
Increasingly crypto companies are relocating to Dubai, Hong Kong, Singapore & a few to El Salvador. But withdrawing from US totally is not feasible as without US' participants, the companies would find it harder to raise funds for their projects.
Hope the situation there would be rectified by the US people for their own sake & for others' sake.
