The next bull market will start in the East, and the US will have only two options: accept cryptocurrencies or stay behind. This was stated by the co-founder of the Gemini exchange Cameron Winklevoss.
My working thesis atm is that the next bull run is going to start in the East. 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.
— Cameron Winklevoss (@cameron) February 19, 2023
The top manager emphasized that the development of digital currencies cannot be stopped.
“Any government that doesn’t offer clear rules and ‘sincere leadership’ will be forced to swallow the dust. Fast. This will mean skipping a great period of growth since the advent of the commercial internet. The opportunity to shape and be a foundational part of the future financial infrastructure of this world (and beyond) can be missed.” the expert explained.
Such statements were made against the backdrop of claims NYDFS And SEC to Paxos regarding the issuance of BUSD, as well as Kraken’s accusations of not registering a staking program.
In addition, Gary Gensler’s office has proposed expanding and strengthening the role of qualified custodians in relation to cryptocurrencies. The move was criticized in the community.
The SEC’s initiative may have been in response to a recent wave of industry bankruptcies, which has seen FTX, Celsius, BlockFi, and Voyager clients unable to recover their funds in full.
Recall that Compound founder Robert Leshner allowed “Armageddon” in the industry due to the actions of US regulators.
Previously The Wall Street Journal reported that banks are stopping cooperation with crypto firms due to fears of reprisals from supervisory authorities.
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