Crypto investors may be hoping their investments go to the moon but more than half of the world’s largest crypto companies are U.S. based.
Some industry participants warn, however, that too-harsh regulatory scrutiny will spur some companies to abandon the U.S. for regulatorily greener pastures.
A total of 28 of the top 50 crypto companies, based on valuations, are domiciled in the U.S., according to a recent report by research firm Crypto Head.
The most-valued crypto and crypto-adjacent companies in the world include exchange and financial platforms Coinbase COIN, -0.78% and Robinhood HOOD, -1.67%.
Coinbase is a cryptocurrency exchange, the largest in the U.S., while Robinhood is a traditional brokerage that allows users to buy and sell crypto assets. Robinhood has a market valuation of about $12.4 billion and Coinbase’s is nearly $48 billion, as of Tuesday’s close, FactSet data show.
As the crypto industry has grown, it has drawn more attention from U.S. regulators. In November, President Joe Biden signed into law a $1 trillion infrastructure bill, which contains a provision that would require brokers of digital assets to record and report transactions to the Internal Revenue Service starting next year.
Continue reading: https://www.marketwatch.com/story/more-than-50-of-top-crypto-companies-call-u-s-home-despite-intensifying-regulation-study-shows-11642546177
Some industry participants warn, however, that too-harsh regulatory scrutiny will spur some companies to abandon the U.S. for regulatorily greener pastures.
A total of 28 of the top 50 crypto companies, based on valuations, are domiciled in the U.S., according to a recent report by research firm Crypto Head.
The most-valued crypto and crypto-adjacent companies in the world include exchange and financial platforms Coinbase COIN, -0.78% and Robinhood HOOD, -1.67%.
Coinbase is a cryptocurrency exchange, the largest in the U.S., while Robinhood is a traditional brokerage that allows users to buy and sell crypto assets. Robinhood has a market valuation of about $12.4 billion and Coinbase’s is nearly $48 billion, as of Tuesday’s close, FactSet data show.
As the crypto industry has grown, it has drawn more attention from U.S. regulators. In November, President Joe Biden signed into law a $1 trillion infrastructure bill, which contains a provision that would require brokers of digital assets to record and report transactions to the Internal Revenue Service starting next year.
Continue reading: https://www.marketwatch.com/story/more-than-50-of-top-crypto-companies-call-u-s-home-despite-intensifying-regulation-study-shows-11642546177
