Blockchain Projects Are Fleeing the US Due to Hostile Government Stance

IconCryptoNewsTerminal Staff24 Jul, 2024

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Blockchain Projects Are Fleeing the US Due to Hostile Government Stance

Dan Morehead, CEO of Pantera Capital, recently highlighted the concerning trend of blockchain projects relocating overseas due to the hostile stance taken by the US government toward the industry. He noted that only 7% of blockchain protocols by market cap are currently based in the US, with the remaining 93% being international. Morehead emphasized the significant impact government policies have on the development of emerging technologies. He drew a comparison to the internet, where supportive government policies fostered the growth of US-based internet companies, resulting in 85% of internet companies by market cap being headquartered in the US. Morehead expressed his belief that the lack of a clear and supportive policy framework for blockchain in the US is driving projects to seek more favorable environments overseas. He highlighted the importance of political leadership in shaping the future of blockchain and urged for presidential candidates with pro-blockchain agendas to emerge.

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