ARK Invest: The US Will Lose Leading Position in Crypto Industry
Yassine Elmandjra, an analyst from ARK Invest, has warned that the United States is at risk of losing its leading position in the cryptocurrency industry to the likes of the UAE, South Korea, Australia and Switzerland.
This comes after market makers Jane Street and Jump Trading withdrew from the States due to ill-conceived regulation.
Elmanjra pointed out that this negative regulatory background has led to a void which has intimidated potential new investors.
The SEC has also taken action against companies such as Bittrex, Coinbase, Kraken, Gemini and Genesis in the past two years as well as a lawsuit by the CFTC against Binance and Changpeng Zhao.
The data from Coin Metrics shows that the market liquidity of Bitcoin in the US plummeted by 75% from $20 million a day in March to $4 million in May.