The chief executive of digital asset management giant Grayscale says US regulators have a chance to allow America to dominate the crypto space.
In a new interview with Yahoo Finance, Grayscale CEO Michael Sonnenshein says crypto’s market cap is still “quite small and in its infancy” compared to the broader financial spaces.
According to Sonnenshein, for crypto to even catch the eye of such major entities like G20 and the International Monetary Fund (IMF) is a significant validation for the technology.
The Grayscale CEO says that non-partisan action in Washington that engages with crypto industry leaders is of huge importance. According to the CEO, crypto leaders can be a major resource for regulators.
If US regulators take the opportunity, Sonnenshein says the US economy has a chance to become dominant in the still-growing and expanding crypto space. He says that proper regulation with protect customers and help further develop the technology safely. Even more importantly – it can give the US an economic boost.
Recently, Solana (SOL) co-creator Anatoly Yakovenko also urged lawmakers in the United States to bring regulatory clarity to the digital asset industry to keep the country’s innovative spirit flourishing.
“I meet promising entrepreneurs every day who want to build the next great technological innovation in America but don’t know how to build a blockchain company in a compliant way…
It’s well-documented that there’s no viable path to reasonable regulatory certainty in the space. For young entrepreneurs, the absence of clear rules is terrifying. They see public, multi-billion dollar companies struggle to navigate the legal landscape, and wonder how their tiny project will survive.
Faced with the choice of staying in America or building their dream, more founders are choosing to leave. In 2018, the US was home to 42% of the world’s open-source blockchain developers, according to Electric Capital. By 2022, that figure dropped to 29%.”