Crypto boxes are fleeing the USA – Regulation when you hold me… Or not… In fact, yes… Ah but no… In short, total vagueness reigns in the USA as to the regulations to be applied to cryptos. An artistic blur that frightens all the more with the latest actions of Gary Genslerpresident of the SEC (Securities Exchanges Commission) which shoots sanctions actors. To the point of scaring away the flagships of the industry like Bittrex. Decryption.
Gary, it’s over… Bittrex leaves the country of his first love
Bittrex slams the door of the USA. The crypto exchange which celebrates its 9 years of activitya juggernaut has survived through the ages, or rather the cycles bear market-bull run, set sail. Founded in 2013 by three cybersecurity engineers, the crypto platform has announcement on March 31 in a press release ending its activities in the USA in order to refocus on the rest of the world. A more tolerant outside world vis-à-vis the crypto sector and especially with better defined regulatory contours than in the USA.
“Because of the ongoing regulatory uncertainty, we have just made the difficult choice to end our operations in the USA, starting April 30. All funds are safe and can be withdrawn in full now. »
Crypto trading on the exchange will be arrested on April 14 and users must have withdrawn their funds by April 30, 2023.
This announcement is anything but harmless in the USA. Imagine on the French side, a similar ad of the flagship Ledger who would leave France because of a regulation too strict. This is the equivalent of what just happened in the USA with Bittrex. Americans are no longer the center of the world and they may well find out the hard way.
The observation on the side of Bittrex could not be clearer:
“It’s just no longer economically viable for us to continue to operate within the US regulatory framework and economic environment. (…) Regulatory requirements are most often unclear and applied without prior discussion or consultation, resulting in unequal competition [par rapport à la concurrence à l’étranger] in this highly competitive field. »
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Overregulation, a headlong rush of institutions?
Long ahead of the competition, Bittrex was at the forefront of technology early on. Virtually instantaneous transactions, infrastructure of digital wallets, cold wallet management… The exchange has never lost customer funds and has never been hacked in 9 years of existence. From now on, it is a powerful asset which leaves the USA for territories at the more lenient regulationor less blurred.
The strengthening of regulation. This is a trend that we see everywhere, in Europe and in France too. Politicians are completely lost with this technology that they do not master and that they nevertheless strive to regulate. Hastily, without trying to educate themselves beforehand, to understand the issues. They fight to try to fit this circle into the square ” action “or the square” raw material » while a round must obviously have a brand new regulatory housing, made to measure.
Without veiling the face, regulation has a very important place in the future adoption and the place that the States will occupy on the world technological and crypto scene. However, by dint of fearing this technology, seeing it as an enemy rather than an ally, politicians could establish an unfair legal framework that would drive away all the jewels of the country. like in the United States with Bittrex. Thus definitely losing the race for innovation in the sector. And, they will realize their mistakes years later, but unfortunately it will be much too late.
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