Merkle Science CEO Mriganka Pattnaik said that despite recent hostile regulatory actions by U.S. regulators, the United States will not lose its position as a cryptocurrency hub, according to Crypto Intelligence. Many top crypto executives have begun looking elsewhere, but Mriganka Pattnaik said that crypto activity will continue to thrive in the United States, at least in the medium term.
Mriganka Pattnaik believes that the United States has a higher level of innovation and a richer talent pool than regions such as India, China and the United Arab Emirates, which have strong consumer markets. He also pointed out that the overall market dynamics of the U.S. economy, especially the clarity of taxation, are key reasons why crypto companies may maintain most of their business in the United States.
However, not everyone agrees. Ripple CEO Brad Garlinghouse said the crypto industry has begun to move outside the United States, citing the U.S. regulatory approach as lagging behind other crypto-friendly regions such as Singapore, the UAE and Switzerland.