Indeed. What the US regulatory agency is doing is scaring away crypto companies, businesses, and startups alike. There will be a mass exodus from these entities, leaving US citizens empty-handed in the process. Instead of encouraging innovation, the US is stifling it. So much for the "land of the free, and home of the brave".

With how badly things are turning out to be for the crypto industry in the US, it's likely Hong Kong will soon emerge as the world's next crypto hub. I think China (through Hong Kong) will benefit a lot once crypto companies move their operations outside of the US. The clock is ticking for Coinbase, as the SEC continues to exert pressure against the industry. Who knows what the outcome of the lawsuit between Coinbase and the SEC will be in the long run? Just my opinion