- Cameron Winklevoss believes that the East is on the verge of taking control of the crypto economy
- Winklevoss believes that the backward regulation in the U.S. is eroding its first mover advantage
- Other prominent crypto stakeholders have agreed that China and Hong Kong are the countries to watch
Gemini co-founder Cameron Winklevoss believes that the East will power the next crypto bull run, with overly harsh regulation in the U.S. driving out talent and opportunities. There have been signs that such a movement is coming, such as Hong Kong on the verge of welcoming crypto trading thanks to a more sensible regulatory approach, and Winklevoss says that the huge growth in crypto over the past few years has left the U.S. with two options, embrace it or be left behind, and it is fast choosing the latter.
Winklevoss Warns U.S. Regulators
Winklevoss offered his thoughts through a Twitter thread on Sunday, in what can be taken as a warning to the U.S. government that it risks losing ground to the likes of China in the battle for the future of money. China is already far more advanced with its Central Bank Digital Currency, and Winklevoss is concerned that this is just the tip of the iceberg:
Any government that doesn’t offer clear rules and sincere guidance will be left in the dust. Quickly. This will mean missing out on the greatest period of growth since the rise of the commercial Internet.
— Cameron Winklevoss (@cameron) February 19, 2023
In the thread, Winklevoss criticized the way in which the crypto sector is being regulated in the country, claiming that a government that “doesn’t offer clear rules and sincere guidance will be left in the dust”, which is a pointed reference to the ‘regulation by enforcement’ that the likes of the Securities and Exchange Commission (SEC) have been accused of perpetrating. Such backward actions, which only serve to sow doubt and confusion among developers and investors, mean that the U.S. will miss out on “the greatest period of growth since the rise of the commercial Internet”, according to the Gemini co-founder.
Hayes and Armstrong Agree
Winklevoss’ thoughts echo those of Arthur Hayes and Brian Armstrong, both of who have voiced their concerns in prior months that the approach adopted by the U.S. risks leaving the country behind, especially with Hong Kong on the verge of launching a regulated crypto trading market. Hayes in particular believes that this is a move from China to re-enter the crypto market, claiming last year that it has not left the crypto scene but is instead remaining “dormant”, and that Hong Kong might be a kind of testing ground for Beijing to experiment with crypto markets, potentially acting as a hub for Chinese capital to find its way into the global crypto markets again.