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Last week, the Securities and Exchange Commission (SEC) agreed to dismiss its lawsuit against Coinbase, the leading U.S.-based crypto exchange, pending commission approval. This marks a pivotal moment for the cryptocurrency industry, and the implications extend far beyond Wall Street, reaching right into the heart of South Carolina’s growing blockchain and fintech industries.
For years, the crypto community has been under attack from former president Joe Biden‘s SEC. Rather than providing the industry with clear regulatory rules, the SEC threw misguided attack after attack at Coinbase, going after its very existence and the millions of Americans who use and embrace crypto.
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Twelve percent of South Carolinians own crypto. The crypto industry is an emerging source of economic development, attracting investment from venture capitalists and major institutional players. South Carolina needs to position itself as a hub for technology and financial services – and clearer and fairer regulatory treatment of crypto firms will only enhance our competitiveness. While South Carolinians are embracing cryptocurrency, some lawmakers in the state continue to wrongfully target the industry.
The state is home to a growing number of blockchain entrepreneurs and crypto-focused businesses, many of which have been hesitant to expand due to regulatory uncertainty. With the SEC retreating from its hardline stance, companies can now have greater confidence to invest, create jobs, and drive technological advancement in the state.
From facilitating faster and cheaper financial transactions to providing alternative investment opportunities, cryptocurrency represents a new frontier in financial freedom. With the support of a new presidential administration and new SEC leadership, now is the time for state lawmakers to step up and embrace the future of finance.
South Carolina should be open for business, not closed off to the innovations that will define the future of finance.
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ABOUT THE AUTHOR …
George Crouch is the leader of Crouch’s Crypto Corner, a South Carolina-based platform dedicated to educating the public on digital assets, advocating for blockchain innovation, and building a strong local crypto community.
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2 comments
Ponzi scheme.
But now you can bribe your favorite politician with an untraceable “currency.” Woohoo
Such a great post. This guys seems like a real financial genius. South Carolina should also get involved in some of the lucrative multi-level marketing schemes out there. It is like free money. In fact, maybe one of these once in a lifetime opportunities will pay this blog enough to get one of these guest columns.