US Crypto Could Be Left Behind by Asia in Next Bull Run

   2023-02-20 04:02

  • “The next bull run is going to start in the East,” Cameron Winklevoss said about crypto’s outlook Sunday.
  • Crypto can’t be stopped and the US will be left behind if it chooses not to embrace digital assets, he said.
  • US regulators need to give clearer crypto rules, said Winklevoss, whose firm Gemini is under SEC scrutiny.

The US crypto industry will be left behind if the country’s markets regulator doesn’t start laying out clearer rules on dealing with digital assets, according to Cameron Winklevoss.

The Gemini cofounder warned Sunday that countries in Asia could surge ahead in the digital asset space if the Securities and Exchange Commission’s ongoing crackdown carries on sowing confusion in crypto markets.

“My working thesis at the moment is that the next bull run is going to start in the East,” Winklevoss said on Twitter.

“It will be a humbling reminder that crypto is a global asset class and that the West, really the US, always only ever had two options: embrace it or be left behind.”

“It can’t be stopped. That we know,” he added.

The SEC has targeted some of crypto’s highest-profile names in recent weeks.

In January, the regulator filed a lawsuit against Gemini, the crypto exchange co-founded by Winklevoss and his twin brother Tyler in 2014, and crypto giant Genesis’s lending arm. The SEC alleges the two firms’ joint interest-bearing “Gemini Earn” program constitutes an offer of unregistered securities, which is against the law.

Kraken, the world’s third-biggest crypto exchange, agreed to pay the regulator $30 million and to shut its “staking” program in the US earlier in February. The service offered customers returns of up to 21% if they agreed to lock in their crypto for use on the blockchain.

The SEC’s newly tough approach contrasts with that of watchdogs in Asian places like Singapore, which has stated its ambition to become an international hub for blockchain finance.

The US will likely be “left in the dust” if the regulator doesn’t compromise with crypto investors, according to Winklevoss.

“Any government that doesn’t offer clear rules and sincere guidance will be left in the dust. Quickly,” he said. 

“This will mean missing out on the greatest period of growth since the rise of the commercial Internet.”

Read more: The SEC’s crypto crackdown is escalating as it goes after the Winklevoss twins’ firm over ‘unregistered securities.’ Here’s what they are.

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