The Gemini co-founder believes the next cryptocurrency bull run will come from the east. “It will be a sobering reminder that cryptocurrencies are a global asset class,” he said. “The West, really the US, always had only two options: accept it or stay behind. It can’t be stopped.”
Gemini Co-Founder at Next Crypto Bull Run
Cameron Winklevoss, co-founder of US-based cryptocurrency exchange Gemini, believes that the next cryptocurrency bull run will come from the East. He tweeted on Sunday:
My working thesis (for the moment) is that the next bullfight will start in the East. It will be a sobering reminder that cryptocurrencies are a global asset class.
“The West, really the US, always had only two options: accept it or stay behind. It can’t be stopped. We know that, ”she emphasized.
“Any government that does not offer clear rules and candid guidance will be left in the dust. Quickly. This will mean missing out on the biggest period of growth since the rise of the commercial Internet,” the Gemini co-founder continued. “And it will mean missing out on the opportunity to shape and be a critical part of the future financial infrastructure of this world (and beyond).”
The US Securities and Exchange Commission (SEC) has come under intense scrutiny following its recent enforcement actions against cryptocurrency companies. The regulator charged crypto exchange Kraken on Feb. 9 for its staking program and days later Paxos for issuing its stablecoin Binance USD (BUSD). The SEC also took action against Gemini in January for allegedly offering and selling unregistered securities to retail investors through its “Earn” crypto asset lending program.
Many cryptocurrency supporters, including SEC Commissioner Hester Peirce and several lawmakers, have raised concerns that the SEC is not providing clear rules for cryptocurrency companies to comply with. Instead, the Commission has chosen to take an enforcement-focused approach to regulating the crypto industry.
Meanwhile, a growing number of jurisdictions in Asian countries are making efforts to become a crypto hub, including Hong Kong, Singapore, and South Korea’s second-largest city, Busan. Several places in Europe are also striving to establish themselves as a crypto hub. A recent study by crypto tax firm Recap ranked London as the “most crypto-ready city.”
The chief executive of Nasdaq-listed Coinbase said last week that the United States risks losing its status as a financial center if there is no clear regulation of cryptocurrencies. He and the CEO of Kraken have urged Congress to act soon to pass clear crypto legislation.
Do you agree with the Gemini co-founder that the next crypto bull run will start from the East? Let us know in the comments section.
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