Raoul Pal, the former top executive at Goldman Sachs and current CEO of Real Vision, has predicted that American cryptocurrency companies may have to relocate their headquarters to other parts of the world due to regulatory issues.
In an interview with the Rug Radio podcast, Pal drew parallels to how American banks moved their businesses to European countries with simpler and more transparent regulations.
He believes that U.S. crypto firms will want to avoid the strict enforcement measures and lawsuits from regulators, such as the U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC).
Pal praised countries such as the UK, France, Switzerland, Singapore, UAE, and Hong Kong for creating rules to attract and drive the growth of the crypto industry, while he criticized the US for not regulating the crypto industry properly.
Pal specifically named Coinbase and Circle as two potential firms that could move their headquarters outside the US, with the UK being a possible future incorporation destination for American crypto companies.
The editorial board of the CoinDesk portal suggested that the actions of the US federal government against the crypto industry could be a coordinated attempt to harm the digital asset industry and push crypto companies out of the country.