Venture investor Tim Draper has recently expressed his concern about the US government’s strict policies towards digital currency businesses.
He has stated that such measures could force companies to relocate to other countries that provide more favorable conditions for the industry.
Draper has also highlighted the White House’s proposed 30% tax on mining, claiming that this would lead to startups and investors in Silicon Valley leaving the country, as well as potentially larger companies such as Gemini and Coinbase.
Furthermore, he believes that New York is losing its standing as a hub for blockchain infrastructure, with London, Singapore and Dubai gaining traction instead.
Draper has concluded that this outflow of capital could have a detrimental impact on the US economy, resulting in increased unemployment and other negative consequences.