The Big Whale #46: European Dream
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THE BIG SPLASH
European Dream 🇪🇺
What's the SEC playing at? That's the question many people are asking after the impressive offensive waged by the US stock market watchdog against the crypto ecosystem in recent days. Kraken, Coinbase, Paxos... Hardly anyone has escaped sanctions.
What is certain is that this takeover, the scale of which is unprecedented, will not remain without consequences. The Kraken platform, which has had to pay $30 million and cease its staking activities for individuals, has already announced that it may leave the United States.
For its part, PayPal has given up, at least temporarily, on launching its stablecoin (which they had planned to develop with Paxos), while the few "crypto-friendly" American banks are considering no longer working with the ecosystem to avoid the wrath of the authorities. In short, the future doesn't look the brightest for crypto in the US. 🌧
On the flip side, Europe clearly has a card to play. It's certainly not going to become a crypto paradise in the blink of an eye, but it has a number of assets that could bring in the best projects that are unable to develop across the Atlantic: talent, a dynamic ecosystem and clear regulation with MiCA.