According to Coinbase, the world’s largest cryptocurrency exchange, the United States’ decision to reduce its involvement in global affairs has left a void that other countries are keen to fill. This absence of US influence in international negotiations and treaties has opened up an unprecedented opportunity for countries around the world to shape the global economic and political landscape.
As Coinbase braces itself for a potential legal battle with the United States Securities and Exchange Commission (SEC), the firm has stressed that the stringent regulations imposed by the US government on cryptocurrencies have created a vacuum, leaving other countries eager to fill it.
Coinbase Chief Legal Officer Paul Grewal’s point of view
Coinbase’s Chief Legal Officer, Paul Grewal, believes this is indicative of a “sea change” in global attitudes towards crypto, with countries increasingly recognizing its potential as an asset class and embracing its innovative nature. He also notes that this shift could present new business opportunities for Coinbase in regions where it may have previously been constrained from operating due to restrictive US regulations.
Daniel Seifert, Coinbase’s vice president, and regional managing director in Europe, recently highlighted the stark contrast between the U.S.’s regulatory approach to crypto compared to that of other countries.
He described the current U.S. regulatory environment as being “marked by regulation by enforcement” rather than comprehensive crypto regulation, which is an approach that has been widely advocated for by numerous members of the crypto industry.
Already, nations such as China, Russia, and India have risen to the challenge, using their newfound influence to further their own interests. As Coinbase puts it: “The US vacuum is an opportunity for other countries to step into the spotlight.”
