Uniswap Founder Says US Regulatory Pressure Pushed Crypto Startups Overseas
Summary
- Hayden Adams, founder of Uniswap, said US regulatory pressure pushed crypto founders overseas and gave foreign competitors an opportunity to grow.
- He said US regulatory uncertainty affected the crypto industry, while foreign competitors were able to build their businesses faster.
- The CFTC Innovation Advisory Committee discussed crypto regulation, artificial intelligence and prediction markets, and reviewed ways future congressional legislation and the CFTC's regulatory actions could complement each other.
Forecast Trend Report by Period
US regulatory pressure on the cryptocurrency industry pushed founders overseas and gave foreign rivals a chance to grow, Uniswap founder Hayden Adams said.
Adams discussed the impact of US regulatory uncertainty on the crypto industry at an Aug. 20 meeting of the Commodity Futures Trading Commission's Innovation Advisory Committee, Cointelegraph reported. The meeting focused on overlapping jurisdiction among regulators and an enforcement-driven approach to regulation.
"Regulatory pressure in the US pushed founders overseas," Adams said. "Meanwhile, foreign competitors were able to build their businesses faster."
The CFTC's Innovation Advisory Committee held its first meeting that day to discuss crypto regulation, artificial intelligence and prediction markets. The panel also discussed ways future congressional legislation and CFTC regulatory actions could complement each other.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.