Opinion: Signs of Recovery Evident in the US Cryptocurrency Industry After Regulatory Storm

Matter Labs CEO Alex Gluchowski stated that the U.S. crypto industry has become a "powerful electoral force". Last year, due to a deteriorating regulatory environment, the crypto market was sluggish, but this year it has improved with projects like Circle planning to go public in the U.S. Despite facing regulatory challenges from the Securities and Exchange Commission, Blockworks co-founder Jason Yanowitz pointed out that there's been an increase in conference speakers this year, indicating restored confidence in the industry. Consensys Chief Legal Officer Bill Hughes believes that regulatory uncertainty stifles innovation and gives large companies a competitive advantage. GCR Deputy General Counsel Joshua Riezeman warned that if the U.S doesn't clarify its legal framework, it will lose more crypto businesses. Despite these challenges, Gluchowski emphasized on increasing influence of US crypto community with bipartisan support for FIT21 bill as evidence. Hughes believes that America still holds advantages in capital and talent and can continue leading in cryptocurrency field.