Kraken co-founder and CEO Jesse Powell emphasized the disadvantaged position U.S.-based cryptocurrency firms and investors are in as a result of the current regulatory ambiguity, stating “Foreign companies are able to outraise their U.S. competitors and often whoever raises the most money is who wins. Not only are U.S. companies not able to raise enough to compete globally, U.S. investors are not able to invest in these global companies.”
Joyce Lai, a lawyer for Consensys, stated: “The competition around the world is real. But there is still time and opportunity for the U.S. to be a leader here.”
Congressman Davidson echoed the call for regulators to work toward providing clarity as quickly as possible, stating: “Legitimate players in the industry have a desire for some sort of certainty so we can prevent and prosecute fraud. I’m confident we can move forward and make this a flourishing market in the U.S. It’s an imperative for us to do, we did it well with the internet.”
Mrs. Kaili insisted that regulations are a barrier to the speed of innovation that the DLT industries are capable of producing, stating: “One thing that we have in the E.U. and the U.K. — we have too many regulations that can at least delay the innovation. In blockchain, we tend to move very fast.”
“If it’s a fraud, it’s a fraud. If it’s not a fraud but it’s not following the rules, we gotta change the rules […] we don’t have an excuse not to explore the opportunities this technology gives us to solve global problems,” she added.
Despite claiming to offer a trading platform, binary options, a venture investment fund focused on initial coin offerings, and a mining investment scheme, the services offered are hosted on third-party websites that prompt malicious content warnings.
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