• The SEC’s attack on crypto could be driving U.S. businesses abroad, as Gemini, a U.S.-based exchange, plans to open a new office in India.
• Gemini has revealed plans to launch its fourth international office in Gurgaon, India, which will serve as a hub for engineering and design and join other international offices in the United Kingdom, Ireland, and Singapore.
• A venture capitalist says the SEC’s crypto enforcement efforts hurt U.S. innovation.
SEC Crypto Enforcement Hurts US Innovation
The United States crypto regulatory landscape is uncertain as Congress is yet to deliver a comprehensive regulatory framework; making matters worse is the fact that regulators like the U.S Securities and Exchange Commission (SEC) remain bent on asserting jurisdiction over crypto markets through enforcement efforts that have caused growing concerns among US-based cryptocurrency businesses shifting their focus abroad.
Gemini Expansion Plans
In light of this situation,. Gemini announced plans to expand its list of international offices with an additional facility in India; revealed Thursday April 20th in a company blog post., the Indian office located in Gurgaon would be Gemini’s second largest engineering facility behind one located within the United States.. Furthermore, Gemini hired staff for their new Gurgaon office with roles ranging from engineering, product management, human resources finance support and compliance. Additionally Chief Technology Officer Pravjit Tiwana assumed responsibility for leading Gemini’s international growth expansion plans for APAC region beginning this year..
Coinbase Following Suit
Following closely behind,, Coinbase also revealed similar plans after obtaining a license in Bermuda according to The Information report March this year regarding their launch of an international derivatives exchange; reinforcing speculation that these initiatives are aimed at circumventing US regulations while still allowing access to US customers due to laxer regulations abroad than those found domestically..
Venture Capitalists View
Commenting on these developments was venture capitalist Avichal Garg who noted how these moves by the two exchanges illustrate how self-regulatory bodies like SEC impede innovation within the US stating „It’s not just about regulation but also about being able to compete better against global competitors.“ He continued by saying: “If you look at some of these companies like Coinbase or Kraken or Binance they’ve been able set up shop outside of America and actually have more freedom from regulators than they do inside America.“
Crypto Regulatory Uncertainty Continues
As of current Congress remains mum regarding any comprehensive framework for domestic regulation leaving an air of uncertainty lingering over the industry particularly with regards to SEC’s stance on cryptocurrency related activities .