The United States is gradually becoming too hot for crypto firms to operate due to unclear and stringent regulatory approaches. For instance, a recent development that sparked an outcry was the proposal to impose a 30% excise tax on crypto-mining facilities. US President Joe Biden’s budget proposal presented a phased-in tax on the electricity used by crypto mining firms. This tax and the Securities and Exchange Commission’s enforcement actions may push many top crypto firms and startups to consider offshore operations. As such, Tim Draper foresees a massive departure from the US that might crash its economy. US Unclear Regulatory Environment Is Leading To Massive Crypto Exodus In a Twitter post, the founder of DFJvc, Draper mentioned that Silicon Valley startups are relocating operations to Asia, Europe, and the Middle East. Related Reading: Bitcoin Miners Reap Profits As Mining Difficulty Hits 3-Month Low He further stated that Gemini and Coinbase are moving out of the US due to the regulatory pressure on their operations. Coinbase CEO Brian Armstrong hinted at the same outcome in an A ..
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