• The U.S. has an unfavorable regulatory environment for crypto firms, according to law firm Gresham International.
• Gresham International has advised crypto firms not to have a presence within the United States and will no longer be offering its services to US-based firms.
• The law firm is calling for reform of the legal system and better enforcement of laws to protect investors, consumers, and businesses from fraudulent activities in the crypto space.
U.S. Unfavorable Regulatory Environment
Law firm Gresham International said US unfavorable regulatory environment has shown that „crypto is not welcome.“ Due to this environment, the law firm said it would no longer offer its services to US-based crypto firms.
Recommendations From Law Firm
Gresham International has advised crypto firms not to have a presence within the United States and will no longer be offering its services to US-based firms. It added that it would only be “maintaining an office and team for ‘rear guard’ and ‘tier one’ clients only for the time being.”
Calls For Reform
The law firm is also calling for reform of the legal system and better enforcement of laws in order to protect investors, consumers, and businesses from fraudulent activities in the crypto space. This includes providing clarity on tax treatment of digital assets as well as strengthening consumer protection regulations across all exchanges and platforms trading digital assets in order to combat financial crime more effectively.
SEC Actions Against Crypto Exchanges
Recently, SEC requested restraining order against Binance US assets while Coinbase CEO Brian Armstrong took back at SEC lawsuit on social media following New Jersey & Alabama securities regulators take action against Coinbase after lawsuit by SEC chairman Gary Gensler who was „very confident“ they can win against Coinbase & Binance case.
Conclusion
In conclusion, due to U.S.’s unfavorable regulatory environment towards cryptocurrency industry; Crypto law firm Gresham International advises firms not having a presence inside USA & calls out for reform of legal system & better enforcement of laws in order to protect investors & businesses from fraudulent activities in digital asset space