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Home Blockchain

Expect More U.S. Crypto Companies To Work From Offshore Countries Like FTX

by Abimbola Adu
Feb 9, 2023 - 12:00 am
in Blockchain
Expect More U.S. Crypto Companies To Work From Offshore Countries Like FTX

Expect More U.S. Crypto Companies To Work From Offshore Countries Like FTX

Early today, February 9, 2023, Brian Armstrong, CEO of Coinbase, tweeted that he believes more U.S. crypto companies will move their operations offshore in response to regulatory pressure from the Securities and Exchange Commission (SEC). This trend is not new and has been seen in other industries in the past, but its impact on the crypto industry could be significant.

5/ Regulation by enforcement doesn’t work. It encourages companies to operate offshore, which is what happened with FTX.

— Brian Armstrong (@brian_armstrong) February 8, 2023

The SEC has been increasing its scrutiny of said crypto securities in recent years, and its actions have had a major impact on some of the largest players in the space. For example, the SEC has taken legal action against Ripple, alleging that the company conducted an unregistered securities offering of its XRP token. The lawsuit has caused significant turmoil for the company, and its future remains uncertain.

Similarly, the SEC has also taken action against LBRY, a decentralized content platform built on the blockchain. The SEC alleges that LBRY’s initial coin offering (ICO) was also an unregistered securities offering, and the company is now facing significant legal and financial challenges as a result.

These enforcement actions by the SEC have had a chilling effect on the crypto industry, and many companies are now seeking to avoid similar regulatory headaches by moving their operations offshore. This trend is not unique to the crypto industry and has been seen in other industries in the past, such as the offshore banking industry.

However, there are also potential downsides to moving offshore. For example, some offshore countries have been accused of facilitating money laundering and other illegal activities. Additionally, the regulatory environment in these countries can be unpredictable and subject to rapid change. This can create uncertainty for companies and make it difficult for them to plan for the future.

Moving offshore may help companies avoid costly regulatory headaches and increase their profits. On the other hand, it may also lead to greater instability and unpredictability in the industry as companies are forced to navigate the complex and often chaotic regulatory environments of offshore countries.

One possible outcome of this trend is that it could lead to the creation of more scams and debacles at big crypto organizations. Companies that move offshore may be less accountable to regulators and investors, and this could create an environment that is more conducive to fraudulent activities. Additionally, companies that are based in offshore countries may be subject to less rigorous regulations, which could make it easier for them to engage in unethical or illegal practices.

Tags: CryptoSEC
Abimbola Adu

Abimbola Adu

Abimbola Adu is a crypto content writer with a background in English studies. She is keen on enlightening others about cryptocurrency and blockchains. She enjoys writing poems and spending time with family.

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