Benzinga - Antonio Juliano, the founder of the decentralized exchange dYdX, has sparked a conversation in the crypto community with a series of tweets emphasizing the potential advantages of focusing on markets outside the United States.
Juliano's perspective comes amid growing concerns about the regulatory environment for crypto in the U.S.
Juliano expressed the sentiment that crypto builders might benefit from temporarily sidelining U.S. customers and instead concentrating on overseas markets.
He stated, "Crypto builders should just give up serving US customers for now and try to re-enter in 5-10 years." Juliano believes that the challenges and compromises required to operate in the U.S. might not be worth the effort at this juncture, especially given the vast potential in international markets.
Elaborating on his vision for the crypto industry, Juliano emphasized his long-term goal of achieving 100x growth in crypto adoption.
He believes that the primary focus should be on finding a stronger product-market fit, which he sees as essential for the industry's growth.
Juliano added that perfect distribution isn't a prerequisite for this, and there's a vast overseas market ripe for experimentation.
However, Juliano also acknowledged the importance of U.S. crypto policy work, noting that it's a long-term endeavor and that many countries often look to the U.S. for regulatory direction.
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He highlighted the irony of being based in New York City, surrounded by individuals who cannot utilize the dYdX product, which addresses longstanding crypto challenges.
Expressing his frustration, he remarked, "It’s f***ing ridiculous."
Juliano's sentiments also touched upon the alignment of crypto with American values, describing it as a financial system "of the people, by the people, and for the people."
He remains hopeful that America will eventually recognize the value and potential of what the crypto industry is building.
In response to Juliano's tweets, Brian Armstrong, the CEO of Coinbase (NASDAQ: COIN), offered a more optimistic timeline.
Armstrong believes that the U.S. regulatory landscape for crypto might see positive changes sooner than expected, possibly by next year.
He added, "The U.S. always gets it right, after exhausting every other option."
Juliano replied to Armstrong, expressing his optimism and highlighting the difference in challenges faced by startups versus established businesses in the crypto space.
The dYdX founder believes that for startups still seeking a strong product-market fit, the trade-offs of operating outside the U.S. might be worth the potential speed and freedom, even if it means targeting a slightly smaller market.
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