Top Investor Threatens To Leave US Market After Multiple Subpoena
Fears are rife that the US might be overtaken if the SEC does not provide clear regulations.
SEC On The Spot As Top Investor Seeks To Leave The US
TechCrunch boss Michael Arrington has confirmed that his firm is set to vacate the US market. Arrington recently attacked the SEC where he confirmed that his entity will relocate from the US. He also urged other market players to follow suit. He was reacting after allegedly receiving subpoenas from the regulator.
Arrington has been a major player in the crypto industry since inception. He runs the Arrington XRP Capital firm which deals in managing assets. In his own words, the firm manages digital assets for blockchain anchored markets.
Arrington appeared to be angered by a decision by the agency to issue him with numerous subpoenas. He alleges that the SEC wants him to provide some information he did not specify. Arrington’s decision to vacate the US is backed by the borderless nature of cryptos. He said that Arrington XRP can set up its headquarters at any location across the globe. Arrington can pick any country where the environment is friendly to crypto backed companies.
The investor further gave more details about his Twitter post during an interview with a media outlet. Arrington said that his wish is to operate in an environment without regulations. He pointed out that in case we have laws in place the relevant bodies should enact them swiftly. He accused the SEC of moving slowly. He stated that they can make their own rules but risk being changed by the SEC which he alluded that has minimal information about the industry.
Consequences of Delayed Regulations
The issue of regulations has remained thorny across the industry. Many investors are waiting for their various jurisdictions to clarify on the right path to take in terms of laws. Last week, media reports indicated that over a dozen Congress members had authorized a letter to SEC head urging him to issue more clarifications on cryptocurrencies and how to regulate them.
Fears are rife in the US market over the push for action from the SEC. Market players believe that if SEC does not provide clear clarifications soon, then the market will lag behind. The US is considered as a top crypto market but it is facing serious competition from Asia. Already, some firms are heading to Malta and Singapore which are considered to be crypto friendly.