Antonio Juliano: The US is not worth it

Antonio Juliano, the founder and CEO of dYdX, a decentralized exchange for derivatives, has recently expressed his frustration with US crypto regulation and suggested that the industry should focus on other markets instead.

In a series of tweets, Juliano argued that the US is “not worth it” for crypto businesses due to the lack of clarity and innovation in its regulatory framework. He said that the US is “lagging behind” other countries that have more favorable and progressive policies for crypto, such as Singapore, Switzerland, and the UK.

Juliano also pointed out that the US market is not as big or important as it seems, as it only accounts for about 10% of the global crypto volume. He said that US customers are “not worth the hassle” of dealing with the complex and uncertain regulations that could expose crypto businesses to legal risks and fines.

He added that the US regulators are “out of touch” with the reality and potential of crypto, and that they are trying to apply outdated and irrelevant rules to a new and innovative technology. He said that the regulators are “missing the point” of crypto, which is to create a more open, fair, and efficient financial system.

A call for sensible and novel policy

Juliano clarified that he is not anti-regulation, but rather pro-innovation. He said that he believes that crypto needs sensible and novel policy that can balance the goals of consumer protection, financial stability, and innovation. He said that he supports the efforts of some lawmakers and industry leaders who are trying to create such policies, such as the Token Taxonomy Act and the Blockchain Association.

He also said that he hopes that the US will eventually catch up with other countries and embrace crypto as a positive force for economic growth and social good. He said that he believes that crypto is “the future of finance” and that it will benefit everyone in the long run.

However, until then, he said that he advises crypto businesses to “give up on US customers” and focus on other markets where they can operate more freely and effectively. He said that this is what he has done with dYdX, which has recently launched its Layer 2 protocol for faster and cheaper transactions, but has restricted access to US users due to regulatory concerns.

He concluded his tweets by saying that he is “sad” to see the US falling behind in crypto innovation, but that he is “optimistic” about the future of crypto globally. He said that he will continue to work on building dYdX as a leading platform for decentralized derivatives trading.