Solana co-founder Anatoly Yakovenko has urged crypto startups to move to the United States. The Solana boss highlighted several benefits, including the upcoming regulatory clarity with the Trump-led administration. Although he expects most firms to face legal cost-related hurdles, he believes that the startups will reap the benefits if they move.
In his statement, Yakovenko highlighted the numerous upsides to the move, highlighting that the only challenge would be the lawyers taking their pound of flesh. “You should prepare for moving your crypto startup to the US. The lawyers will still carve a pound of flesh out of your startup, but once the rules are clear the upside is unbounded. The US is the largest unified free market economy in the world,” he said.
Solana co-founder and others confident of Trump’s pro-crypto policies
The Solana co-founder’s statement echoes the sentiment shared around the industry about Trump’s administration. With Trump initially making pro-crypto policies during his campaign, people are sure he will back it up with pro-crypto policies when the time comes. This belief has fuelled the market momentum, pushing Bitcoin into the $100,000 bracket for the first time since its creation, with other tokens following it.
Yakovenko is not the only one confident in the country’s potential, with USDC CEO Jeremy Allaire announcing that the company will move its headquarters to New York. This new belief highlights that things can quickly change in the ever-evolving space. Last year, crypto firms were pushing to leave the US, complaining about the clarity of laws. Now, things are changing, with firms from abroad being seduced to move into the country.
While these companies are patiently waiting for the regulations to come into play, most are making moves to retake their United States audience. For instance, Ripple has been mulling plans to launch its stablecoin, with the cross-border payments giant noting that plans are in its last phase. In the same vein, USDC is also making plans to go public.
However, not everyone agrees with Yakovenko, with most people noting that the companies can still experience the United States without having to move there. Yakovenko disagreed with them, highlighting that other factors in play could limit foreign exchanges from grasping a better part of the US crypto population when the new administration kicks off.
Trump’s appointments signal a push for regulatory clarity
With the United States crypto market hungry for regulatory clarity, this could finally be their time. While other countries like the UAE and Singapore have better crypto-focused regulations, the US could be in those leagues soon. More so, industry experts believe that the mice could also increase crypto-friendliness among the skeptics while boosting liquidity.
According to reports, Donald Trump has picked pro-crypto Paul Atkins to replace Gary Gensler as the Securities and Exchange Commission (SEC) Chairman. Atkins has been a long-standing fan of the crypto sector, serving as a Republican commissioner between 2002 and 2008. He has long advocated for regulatory clarity in the United States crypto industry, pushing firms to stay back.
Another appointment is Scott Bessent, who will become the next Treasury Secretary. These appointments have a little bit of pro-crypto flavor in them, with traders joking that it may have been the catalyst for Bitcoin to cross over $100,000. With these individuals and other pro-crypto members in Congress, traders and stakeholders can jump for joy because the Trump administration is finally giving them what they have always craved.
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