1inch Co-Founder Sergej Kunz stated that large Web3 companies may leave the US due to the SEC’s moves.
After the turbulent processes in the crypto industry, eyes were turned to the actors of the industry. Many names from the crypto industry made statements about the litigation processes. The decentralized exchange, 1inch, is affected by regulatory pressures industry-wide.
1inch Co-Founder Sergej Kunz told Cointelegraph. Kunz evaluated the possible consequences of regulatory pressure and the SEC’s moves. According to Kunz, the SEC is killing innovation in the US.
1inch Co-Founder Criticizes SEC’s Attitudes
1inch Co-Founder Sergej Kunz criticized the SEC’s moves towards the crypto industry. Kunz suggested that as a result of the SEC’s actions, many Web3 companies could leave the country.
Sharing his views with Cointelegraph, Kunz stated that he agreed with the views of Coinbase CEO Brian Armstrong and that the actions of the SEC were damaging.
Pointing to the Coinbase and Binance lawsuits, Kunz said that the SEC, which handles these lawsuits, is killing US innovation. Kunz stated that the issue where regulators are stuck is the smart contracts mechanism.
In addition, it is known that 1inch and similar DeFi projects are on the radar of regulators in the USA. Recently, CFTC Chairman Rostin Behnam signaled that DeFis could also be regulated.
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