Apr 25, 2023

U.S. Crypto Sector “Dead” as Coinbase Pursues Offshore Move

The United States’ regulatory environment has been increasingly hostile towards the cryptocurrency sector, to the point where Bitcoin (BTC) bull and billionaire tech investor Chamath Palihapitiya believes it is “dead in America”.

In an April 22 episode of the All-In podcast, Palihapitiya attributed this hostility to the Chair of the U.S. Securities Exchange Commission (SEC), Gary Gensler, claiming that he has “firmly pointed his guns at crypto”.

Palihapitiya also believes that the sector is partly to blame for this situation, as it has “pushed the boundaries more than any other sector of the startup economy”.

David Sacks, one of the show’s co-hosts, speculated that the U.S. may be trying to stifle crypto because it could threaten the dominance of the U.S. dollar.

Sacks added that pushing crypto companies offshore would be “terrible for American innovation”.

The situation has been described as “Operation Choke Point 2.0” — an alleged orchestrated effort by regulators to discourage banks from holding crypto or providing services to crypto companies.

Palihapitiya was baffled by the notion that Coinbase, a digital asset trading platform that he says “tried to do the right things”, was no closer to receiving regulatory clarity than the now-bankrupt FTX.

Sacks attributed this to FTX’s chief Sam Bankman-Fried’s “skills in gaming the system”.

In March, the SEC issued Coinbase a Wells Notice, which typically implies the regulator plans on pursuing legal action against the firm for potential violations of U.S. securities laws.

If a lawsuit is filed, Brian Armstrong, the chief executive of Coinbase said it will be ready to litigate.

The news of the U.S. hostile stance towards crypto has caused some to consider other options, such as NFTs, as a way to promote their crypto businesses. NFTs, or non-fungible tokens, are digital assets that are unique and cannot be replicated.

NFTs have become increasingly popular in the web3 space, and many businesses are now turning to NFT marketing agencies to help them promote their NFTs on social media platforms such as Twitter.

These agencies specialize in the promotion of NFTs, and can help businesses to create effective NFT marketing campaigns that will help them to reach their target audience.

Additionally, some web3 agencies are offering services to help businesses to create, launch, and sell NFTs. These agencies can help businesses to create NFTs that are unique and visually appealing, and can also provide advice on how to market and sell them.

In conclusion, the U.S. regulatory environment has been increasingly hostile towards the cryptocurrency sector, prompting some businesses to look to NFTs as an alternative way to promote their crypto businesses. With the help of NFT marketing agencies and web3 agencies, businesses can create, market, and sell NFTs to their target audience.

Disclaimer: All investment or financial opinions expressed by MoonLanding Media are not recommendations and are intended for entertainment purposes only. Do your own research prior to making any kind of investment. This article has been generated based on trending topics, has not been fact checked and may contain incorrect information. Please verify all information before relying on it.