According to Gresham’s media statement, lawyers are advising cryptocurrency companies to consider options to leave the jurisdiction of the United States, given the aggressive and unpredictable regulatory stance of officials.
Gresham warns that because of the unfavorable regulatory environment, the firm’s lawyers will no longer be able to offer their services to U.S. cryptocurrency companies. Lawyers warn that those who remain in the U.S. should prepare to register their assets as securities or commodities, which would affect their ability to protect themselves internationally.
“Cryptocurrency companies in the U.S. are unsuccessfully trying to comply with opaque and unclear rules. At a time when the Securities and Exchange Commission (SEC) is taking a coercive approach to regulating the industry,” Gresham International said in a statement.
The SEC recently filed several lawsuits against exchanges Binance and Coinbase, some of the biggest names in the cryptocurrency business.