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- “Decentralization wins, US exchanges lose”
- The exodus of traders?
In a comment, Cathie Wood criticized the ignorance of US regulators when rumors of a betting ban on retail prospects could increase.
“Decentralization wins, US exchanges lose”
Today, February eleven, 2023, Wood took to Twitter to share his views on a probable ban on staking providers offered by centralized US regulated institutions. She stressed that it would lessen the US competitiveness in this emerging Web3 technologies section.
So, does the operation move to foreign exchanges or to self-regulatory, autonomous and self-managed? Decentralization wins. Great! However, due to regulatory arbitrage, US exchanges get rid of to foreign exchanges, which is not very good for US competitiveness in crypto revolutions, in see mine. https://t.co/1Lv4IqVsmn
– Cathie Wood (@CathieDWood) February 11, 2023
All in all, this ban will not injury the coin staking ecosystem: end users will just switch to on-chain staking consoles or will opt for providers in offshore jurisdictions.
In the extended run, nevertheless, U.S.-registered exchanges will get rid of out to foreign rivals due to regulatory scrutiny, Wood explained.
Thus, the dominance of the United States in the “crypto revolutions” could be due to timing.
As previously outlined by U.Today, the marketplace opposes a probable ban on centralized Ethereum (ETH) staking providers and other linked protocols for evidence-of-stake (PoS).
The exodus of traders?
Some speakers even in contrast it to the anti-Bitcoin witch hunt that prompted Bitcoin (BTC) miners to move their rigs out of China. Ironically, the US, along with Kazakhstan, is a single of the greatest beneficiaries of this system in 2021.
History can repeat: staking men and women who desire to use centralized providers will most most likely move their money to other jurisdictions. As we previously reported, United kingdom-primarily based fintech heavyweight Revolut has additional atking to its toolkit.
Revolut prospects will be ready to stake Ethereum (ETH), Polkadot (DOT), Tezos (XTZ) and Cardano (ADA), i.e. all mainstream evidence-of-stake (PoS) altcoins.