U.S. Crypto Industry Poised for Growth Amid Legal Wins
Jeremy McLaughlin, a crypto focused attorney, suggests a potential revival in the U.S. digital asset sector due to recent setbacks faced by the Securities and Exchange Commission (SEC).
The U.S. might experience renewed interest in cryptocurrencies following court decisions curbing the SEC’s powers, according to McLaughlin. He noted that recent court rulings rejected SEC Chair Gary Gensler’s stance, bringing hope for the industry’s resurgence.
Initially, crypto regulations in the U.S. were at the state level with straightforward requirements. However, SEC and Commodity Futures Trading Commission involvement led to market restrictions. With recent court interventions against the SEC, there’s optimism for industry growth in the U.S.
Recent defeats for the SEC in lawsuits involving Grayscale Investments and Ripple Labs have contributed to the changing landscape. A judge ruled against the SEC in the Grayscale case related to a Bitcoin fund’s transformation into an ETF.
Read more about the Ripple case here.
McLaughlin, while acknowledging challenges for lawyers in the crypto space, remains optimistic about emerging regulatory clarity. He sees positive decisions favoring the digital asset industry.
Addressing Australia’s crypto regulations, Effie Dimitropoulos from Novatti expressed a view of “lagging” compared to Hong Kong and the EU. She highlighted the uncertainty impacting local crypto businesses seeking legal guidance.
Dimitropoulos emphasized the resources required by Australian crypto companies due to regulatory uncertainties. Despite expectations of upcoming regulations, the lack of clear resolutions supports the view of Australia lagging in crypto regulations.
