Home to the world’s largest economy, Silicon Valley, and an ample supply of talent and investment, the United States has a certain appeal to budding crypto startups. But stalling local adoption, an uncertain regulatory climate, and an increasingly strict tax regime threaten to make the country less attractive.
Recently, crypto business leaders have spoken out on the topic, arguing that the US risks falling behind other nations and that founders should seriously consider alternative destinations.
Strengths of the US Crypto Sector
The US has dominated global markets for more than a hundred years now. And from the mid-twentieth century onward, high-tech innovation centered around Silicon Valley and other tech business hubs has been a cornerstone of the country’s economic growth.
Unsurprisingly, since blockchain technologies have arrived on the scene in the twenty-first century, plenty of founders have flocked to the US in search of talent and venture capital investment.
In the years since its inception, the US crypto space has exploded.
Today, the biggest American crypto firm, Coinbase, has a market capitalization of over $9 billion. And in the second quarter of 2023, the company reported revenues of $708 million.
But despite the sector’s strong growth during the past decade, some in the business community have identified rising challenges for crypto startups in the US.
US Crypto Adoption Outpaced by Other Countries
In many ways, the United States
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Author: James Morales
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