With the inconsistent regulations deployed in the United States, the business environment is not conducive to the expansion of crypto firms. In this context, several major companies in this industry have announced their intentions to leave the American crypto market.
Galaxy Digital wants to reposition itself elsewhere in the face of regulatory uncertainty
The Galaxy Digital company has joined the circle of crypto companies wishing to establish themselves outside the United States. This is revealed by information disclosed Thursday, July 6 about the company’s operational plan.
According to certain details of Michael Novogratz, the CEO of the firm, part of the staff of the latter would return abroad. In the short term, the company is not closed to this eventuality. This, especially since she is not the only one to consider such a project.
“I think in the short term we will definitely be looking to move employees out of the United States overseas. And, a lot of companies do it”Novogratz said at the Piper Sandler Global Exchange & FinTech Conference, held last month.
If Galaxy Digital now plans to relocate part of its staff abroad, it is not for fun. The company is forced to do so by the deleterious regulatory atmosphere that prevails in the United States. A situation imposed by the SEC.
By attacking Binance and Coinbase last month, the regulator amplified the regulatory uncertainty lambasted by crypto firms. From then on, some companies, including Gemini, for example, announced that they would turn to more crypto-friendly countries.
Some analysts felt that the situation could change with the crypto bill recently proposed to Congress. Michael Novogratz is skeptical about the outcome of this legislative initiative. “It will not be adopted, but there is at least a reference text”the official said.
The latter, however, thinks that at one time or another, the American authorities will have to commit themselves to the crypto industry. “We represent too large a share of the world economy. And, for crypto companies to truly fulfill their destiny, the United States must be engaged”pointed out Novogratz.
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