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Former Goldman Sachs Executive Predicts Crypto Exodus From US, Says Coinbase, Circle and Others Planning To Move

Former Goldman Sachs Executive Predicts Crypto Exodus From US, Says Coinbase, Circle and Others Planning To Move

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Source: Daily Hodle

Macro guru Raoul Pal says that regulatory issues will cause top US crypto firms to leave the country and establish powerhouses in other geographies.

In a new interview on the Rug Radio podcast, Pal says that just like in the past when many American banks left for London in favor of easier regulations, crypto firms will also want to avoid harsh enforcement actions from the U.S. Securities and Exchange Commission (SEC).

“The UK has been making very strong statements about crypto, as have the EU. Even France, even Macron is talking about it. As is Switzerland, as is Singapore, as is the UAE, as is Hong Kong. That is the group of countries that enabled the euro-dollar markets and the FX markets. They’re all there – and the derivatives markets. And the UK plays very well with that group of people. And the Cayman Islands is the other one because of how the offshore funding markets work. 

So they’re all there. So my guess is the US screws it up, and the UK will eat its lunch. My guess is they see that opportunity and they know the rule book, because there is demand.”

Pal specifically mentions Coinbase and Circle as two potential firms that may end up moving headquarters, and says that London may be the beneficiary of many American companies fleeing persecution.

“We’ll see Coinbase moving. We’ll see Circle, I think they’re moving to Paris. We’ll see this endlessly because it’s exactly why the big banks in the US ended up in London…

I’m sure London is gong to fight for a lot of this stuff.”

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The post Former Goldman Sachs Executive Predicts Crypto Exodus From US, Says Coinbase, Circle and Others Planning To Move appeared first on The Daily Hodl.

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Author: Daily Hodl Staff