Crypto Startups Are Fleeing The U.S.—This Bill Is Trying To Stop Them
In the fall of 2018, Republican congressman Warren Davidson was meeting with a cryptocurrency entrepreneur in Massachusetts. The CEO was deciding where to locate his startup, and they were discussing the regulatory uncertainties surrounding digital currencies and initial coin offerings (ICOs).
The entrepreneur told Davidson, “Look, it’s nothing personal. We just don’t trust that you guys are gonna get this done right. So we’re feeling kind of Swiss,” implying he might move to Switzerland, a country with an arguably more business-friendly approach to crypto regulation.