DYdX Founder: Crypto Developers Could Benefit from Avoiding US Market – What's Going On?
Antonio Juliano, founder of the decentralized exchange dYdX, has suggested that crypto developers forget about serving customers in the United States for the next five to 10 years due to a hostile regulatory environment.
In a recent X (formerly Twitter) thread, the crypto veteran encouraged crypto builders to focus on experimenting in other markets and return to the US when the time is right.
"It’s not really worth the hassle / compromises. Most of the market is overseas anyways. Innovate there, find PMF, then come back with more leverage," he wrote.
Juliano's remarks were centered around startups rather than well-established projects.
He argued that startups could experience faster growth and user adoption by prioritizing markets outside the US, which are often more receptive and less restrictive.
The lack of clear rules and regulations surrounding cryptocurrencies in the US has been a significant concern within the industry.
Regulatory ambiguity, particularly regarding the jurisdiction of the US Securities and Exchange Commission and Commodity Futures Trading Commission, has hindered crypto's progress.
Juliano suggested that for the crypto sector to have more influence over US policy, it needs to grow further and amass substantial user bases.
In response to the controversial argument from Juliano, a number of crypto executives offered different perspectives.
Brian Armstrong, CEO of Coinbase, one of the leading cryptocurrency exchanges, said that progress in the US may happen sooner than expected.
"I see your point — but I think it will be better in a much shorter time. Probably by next year if I had to guess," Armstrong responded.
He expressed confidence in the US's ability to adapt and embrace cryptocurrencies.
Evgeny
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