Uniswap Founder Says US Regulatory Pressure Pushed Crypto Startups Overseas

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US regulatory pressure on the cryptocurrency industry pushed founders overseas and gave foreign rivals a chance to grow, Uniswap founder Hayden Adams said.

Adams discussed the impact of US regulatory uncertainty on the crypto industry at an Aug. 20 meeting of the Commodity Futures Trading Commission's Innovation Advisory Committee, Cointelegraph reported. The meeting focused on overlapping jurisdiction among regulators and an enforcement-driven approach to regulation.

"Regulatory pressure in the US pushed founders overseas," Adams said. "Meanwhile, foreign competitors were able to build their businesses faster."

The CFTC's Innovation Advisory Committee held its first meeting that day to discuss crypto regulation, artificial intelligence and prediction markets. The panel also discussed ways future congressional legislation and CFTC regulatory actions could complement each other.