Ripple policy leader shares regulatory discrepancies as loss for US crypto market
to a tweet from the GOP House Financial Services, which believes the regulation-by-enforcement tactic is reducing American competitiveness and pushing firms overseas, Friedman said the claims are not overstated.
According to her, many crypto industry players are already migrating to places like Europe, where the rules of the road are clear thanks to the regulation. The MiCA has scaled through all the necessary approvals by the European Union tripartite body, including Parliament and the commission. Regulatory impasse in the United States has frequently been called out by industry leaders who want a different rule book for the dynamic crypto ecosystem. U.S. Securities and Exchange Commission Chairman Gary Gensler has said time and again that the current securities laws are sufficient for the crypto industry and that there is no need to update them.
Summarizing her views on the state of crypto regulation and its impact, Friedman said the"US regulatory paralysis has real, measurable impact in terms of jobs and investment lost." Fears regarding innovation moving overseas are not overstated - crypto industry players are already migrating to places like Europe where the rules of the road are clear thanks to MiCA. US regulatory paralysis has real, measurable impact in terms of jobs and investment lost.
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