The US is clamping down on cryptocurrency – is the UK next?

Rishi Sunak’s techno-moment has come, though perhaps too late. Last week, US Securities and Exchange Commission (SEC) filed two lawsuits against the two largest cryptocurrency exchanges in the country, Binance and Coinbase. The SEC complaint alleges that Binance’s CEO Changpeng Zhao directed Binance to conceal the access of high-spending US customers to Binance.com. Furthermore, the SEC also accused Coinbase of operating as an unregistered broker, exchange, and clearing agency. In response, Coinbase’s chief legal officer and general counsel, Paul Grewal, argued that the SEC’s enforcement-only approach without proper regulation could hurt America’s economic competitiveness.

Andreessen Horowitz, a venture capital firm based in California, believes that the UK is on the right track to becoming a leader in crypto regulation. The firm has announced plans to open a new office dedicated to investing in cryptocurrency and tech startups in the UK and Europe. According to Chris Dixon, the head of crypto investing at Andreessen Horowitz, the UK has the right regulatory framework to protect consumers and bolster innovation. He added that he is dedicated to unlocking the potential of blockchain technology and making the UK the world’s web3 center.

Robert Wilson
Robert Wilson author

As the overseer of NicheBot's editorial content, I am committed to ensuring that all information published on our website is both accurate and relevant to our readers. My fervent support for the crypto industry has led me to closely monitor the developments within it since 2012, and I have contributed extensively to discussions and debates surrounding the world of Bitcoin.

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