Despite the regulatory microscope, US-based crypto firms are laughing all the way to the bank. 💰
They’ve managed to attract nearly half of all global capital investments in the crypto space. The defiance is not without reward, as these firms have raked in a whopping $8.8 billion in funding in the first half of 2023 alone. The US leads the pack (43%),with the UK (7.7%), Singapore (5.7%), and South Koread (5.4%) trailing behind. Regulatory scrutiny? More like regulatory opportunity.
Crypto and blockchain startups raised less capital in the last three quarters compared to Q2 of the previous year, according to Galaxy Digital‘s report. While companies in the “broad Web3 category” had more deals, those in the “trading category” secured higher capital investments. The report coincides with regulatory actions by the SEC against U.S. crypto firms, including the recent case involving Ripple Labs, where a judge ruled in favor of Ripple on the status of $XRP.
Ripple’s CEO criticized the SEC, accusing it of stifling innovation and displaying a negative stance towards the crypto industry. 👎