- Market watchers forecast SEC’s escalated actions will drive founders offshore.
- Messari’s founder claims that Trump is pro-crypto and could help the industry.
With the recent US SEC Wells notice on a decentralized exchange, Uniswap [UNI], the heightened enforcement action in the crypto space is unsettling to many US builders.
Coinbase’s CEO, Brian Armstrong, was on record calling for the election of pro-crypto legislators. However, the recent US Senate Banking Committee hearing on illicit finance in digital assets and Uniswap’s enforcement notice worries other players.
Weighing on which candidate could ensure crypto survives in the West, Messari founder, Ryan Selkis tipped Donald Trump.
“President Warren will run U.S. financial services again (her second shadow term), if cadaver-in-chief Boden is re-elected. She will work to 100% destroy crypto. Unapologetically, Trump is the one we need if you want crypto to not be fully strangled in the West.”
Can Trump cool off the regulatory heat on crypto?
In a previous interview, Galaxy Digital’s CEO, Mike Novogratz, shared a similar opinion on Trump as pro-crypto. Novogratz noted,
“I think Trump can make that claim (being pro-crypto) because he’s not in power now.”
It meant that Novogratz was 50-50 on Trump being pro-crypto, noting that he could change his stance on crypto if he gets in power.
Nevertheless, as enforcement action increases, some predict mass offshore migration to safer jurisdictions like Dubai or Singapore for most US crypto builders.
In light of the enforcement action on Uniswap, one of the most prominent DeFi builders in the US, Jason Yanowitz of Blockworks, noted that;
“The SEC is pushing the best founders offshore. Hayden built Uniswap from Brooklyn. The US government is now telling future Haydens to go build in Dubai or Singapore. This has to change soon, or we’ll crush innovation for years.”
However, to counter SEC’s chair Gensler’s action, Messari founder nudged crypto figures to support Trump as the end game.
“I don’t want thank you notes or quiet cocktail hour fist bumps about being right and dangerously vocal about how corrupt this SEC is under Gensler (Liz Warren’s “gimp”). I want people writing checks to swing the Senate and a few leaders to stroke checks for Trump.”
So, the November elections will be crucial for the US and crypto industry.
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