• Antonio Juliano, founder of the decentralized exchange dYdX, has suggested that crypto developers avoid the US market for the next 5-10 years due to a hostile regulatory environment.
• Juliano argued that startups could experience faster growth and user adoption by prioritizing markets outside the US.
• In response to his remarks, other crypto executives have offered different perspectives on this argument.
Crypto Developer’s Avoid US Market
Antonio Juliano, founder of the decentralized exchange dYdX , has suggested that crypto developers forget about serving customers in the United States for the next five to 10 years due to a hostile regulatory environment. In a recent X (formerly Twitter) thread, the crypto veteran encouraged crypto builders to focus on experimenting in other markets and return to the US when the time is right.
Why Crypto Developers Should Avoid US Market
The lack of clear rules and regulations surrounding cryptocurrencies in the US has been a significant concern within the industry. Regulatory ambiguity, particularly regarding the jurisdiction of the US Securities and Exchange Commission and Commodity Futures Trading Commission , has hindered crypto’s progress. Juliano suggested that for the crypto sector to have more influence over US policy, it needs to grow further and amass substantial user bases. And it is a big deal that Americans can’t or won’t be able to use much of this for the foreseeable future It’s fucking ridiculous — Antonio | dYdX (@AntonioMJuliano) August 25, 2023
Other Perspective On This Argument
In response to his remarks, other crypto executives have offered different perspectives on this argument. Brian Armstrong , CEO of Coinbase , one of leading cryptocurrency exchanges said that progress in the US may happen sooner than expected. “I see your point — but I think it will be better in a much shorter time. Probably by next year if I had to guess,” Armstrong responded. He expressed confidence that regulators would eventually create an appropriate framework for digital assets where innovation can flourish without sacrificing safety or consumer protection.
Focus On Overseas Markets
Juliano also highlighted potential advantages in focusing on overseas markets instead of trying to compete with larger players within their home country: “Working overseas means you’re able to focus on areas where others aren’t as well entrenched yet and you can find your own product/market fit without having too many competitors.”
Serving customers from overseas markets may be beneficial for some startups while they wait out regulatory uncertainty in their home countries like USA . Given current conditions around cryptocurrencies in America, avoiding serving customers from there could help many businesses stay afloat until regulations are finalized or until they feel comfortable enough reentering into those markets again .