Solana co-founder Anatoly Yakovenko has advised crypto startups to relocate to the US now that the country is set to have more regulatory clarity. In a post on X, Yakovenko noted that the upside of moving to the US is limitless for these startups.
Although the crypto executive admitted that operating in the US comes with significant legal costs, he believes the US market has great potential, making it ideal for startups to thrive.
He said:
“You should prepare for moving your crypto startup to the US. The lawyers will still carve a pound of flesh out of your startup, but once the rules are clear the upside is unbounded. US is the largest unified free market economy in the world.”
His comments reflect the current sentiments in the US about how the Donald Trump administration will be favorable to the crypto industry. These expectations have fueled a market rally that has seen Bitcoin surpass $100,000 for the first time, with many altcoins also soaring in value.
However, some users believe that startups may not need to move to the US before they can attract users from within the country. Yakovenko did not fully agree with this opinion, noting that he believes regulatory clarity in the US could make it harder for offshore crypto companies to access the US market.
Trump’s presidency is changing the US stance on crypto
Meanwhile, several people agree with Yakovenko’s comments. Jeremy Allaire, the CEO of USDC stablecoin issuer, Circle, noted that that is why the company is relocating its global headquarters to the World Trade Center in New York City.
This highlights how things have changed in the US in less than a month since Trump won the presidential election. Before then, the general sentiment among crypto stakeholders had been to leave the country for more favorable jurisdictions such as Singapore, Hong Kong, the United Arab Emirates, and the Caribbeans.
While some, such as Bittrex and Nexo, left the country completely, more notable US-based companies, such as Ripple, Gemini, Coinbase, Circle, and Kraken, all made efforts to expand abroad in 2023 and discussed their plans to leave due to the regulatory regime in the country.
However, all these companies now appear focused on strengthening their base in the US market while waiting for the expected regulatory clarity that will come with the Trump Administration. For instance, Ripple is currently finalizing plans to launch a USD-pegged stablecoin, while Circle is reportedly planning to go public.
Trump’s appointments boost optimism about regulatory clarity
Despite optimism in the crypto market, several jurisdictions still have clearer and more crypto-friendly regulations than the US. However, all signs suggest that the US could soon rival other jurisdictions like Singapore and UAE in crypto-friendliness while boasting more liquidity.
So far, Trump has already appointed pro-crypto Paul Atkins as the Securities Exchange Commission (SEC) chairman to replace Gary Gensler.
Atkins, who was a Republican commissioner between 2002 and 2008, has been known to support the crypto industry. He has advocated for regulatory clarity within the US to prevent firms from leaving the country, and his appointment appears to be one of the catalysts for Bitcoin’s surge above $100,000.
Meanwhile, Trump also appointed Scott Bessent, who has a history of supporting crypto, to become the Treasury Secretary.
The appointment of these two individuals with pro-crypto leanings to key positions in government, coupled with the strong presence of pro-crypto Congress members, has boosted the confidence of industry stakeholders in the Trump administration.
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