As long as it is all about regulations and not some kind of blanket ban for crypto I can still see the US thriving for cryptocurrencies.
It depends how stiff the regulations are. If they're too expensive and difficult to comply with or too overreaching, innovators and businesses will just leave the country, as Matt Corallo rightly points out
here:
Square Crypto developer Matt Corallo said this approach will harm the industry if the Biden administration makes good on the Trump administration’s isolationist penalties and proposals.
“It is absolutely clear [Treasury Secretary Steven] Mnuchin wants this done before Biden takes over, though what’s less clear is whether Biden’s treasury under [incoming Treasury Secretary Janet] Yellen will be more cryptocurrency-friendly,” Corallo said. “The BitGo penalty is likely to make building user-friendly cryptocurrency wallets impossible in the United States. Instead, innovation will happen elsewhere and American competitiveness in the emerging industry will take a huge hit.”
Also Hester Pierce the know mother of crypto is still in term until 2025 so I think there will still be some kind of debate and not a one-sided kind of policy making.
Hester Pierce is not running the show, I assure you.