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Investors have been frustrated for more than 2 years with the efforts to discipline regulatory uncertainty and cryptocurrency through sanctions. The SEC’s extremely negative attitude is now causing crypto companies in the region to start looking for new homes. Some of the Web3 initiatives followed globally are now forced to take new steps specifically for the USA.
Special Decision for the USA from Web3 Initiative
The team of Shrapnel, one of the Web3 games closely followed by the Web3 community, made important announcements today. The team, which wants to avoid possible pressure from regulators, said that they have already taken precautions and that digital assets cannot be converted into cash specifically in the USA. Francis Brankin, the Chief Economist of Shrapnel, said in an interview at the Token 2049 event that the game, which will be available in early access in December, will not contain any restrictions for players in Europe and Asia, but players in the USA will not be able to withdraw cash in any way.
“Americans can do everything other players can do, but they cannot convert it into cash. Because when they do this, regulators can file an unregistered securities or investment contract lawsuit.”
According to the team, this will not last long and when a solution is found, US players will also be able to transfer the accrued capital to their bank accounts.
Cryptocurrency Pressure in the USA
The US Securities and Exchange Commission has become more compelling for cryptocurrencies with Gary Gensler taking the presidency. SEC, which has filed more than 100 crypto cases, continues its struggle with giants such as Binance and Coinbase. It even shifted its focus to the NFT field from the crypto world. Yesterday, the regulatory agency filed its second NFT case as well.
Teams developing blockchain-based technologies and the crypto community say that the efforts of the crypto communities and the USA to expel them from the country are damaging innovation. Coinbase continues its lobbying activities programmatically in this regard. FTX exchange also made serious efforts on this issue before going bankrupt.
The fight against cryptocurrency laws by giants such as Ripple and Coinbase, and the collapse of FTX, fuels optimism for the future by holding Democrats accountable. However, the 21st-century compatibility law that gives more authority to the CFTC in the crypto field will begin to be voted on in the coming months. If this law, which will break the pressure caused by the SEC’s negative approach, is approved, the American crypto community can also be saved from negativity, as in the case of Shrapnel.
