Pantera Capital: The U.S. regulatory approach to blockchain has backfired, leading to the FTX collapse and the exodus of crypto companies
ChainCatcher message, Pantera Capital stated in its December investor letter that the U.S. government granted countless congressional advantages to early internet companies, but in the blockchain era, the U.S. regulatory approach has had the opposite effect, leading to 95% of blockchain transactions moving overseas, with 95% of the market capitalization of blockchain protocols in projects outside the U.S.
The U.S. SEC can only regulate things that are considered securities, which to some extent has led to regulators lacking the appropriate power or tools to mobilize, and can only take enforcement actions after harm has occurred, rather than being able to proactively protect users and funds. Another major factor leading to the collapse of FTX is the uncertainty of U.S. regulation driving crypto asset institutions and users away from the unregulated U.S. shores. (source link)
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