Despite the recent crackdown by the US Securities and Exchange Commission (SEC) on major crypto companies, Blockstream CEO Adam Back remains confident that the industry will adapt and relocate if necessary.
He believes that interested crypto investors will simply move to other currencies if USD liquidity dries up, and that certain crypto-friendly banks in Switzerland and Gibraltar will accept deposits in the dollar-pegged USDT stablecoin.
Back's company is a major participant in the Bitcoin mining industry, which saw a mass migration of mining power from China to North America after China's ban on Bitcoin miners earlier this year. While the SEC has made it difficult for US-based firms to launch crypto-related products, Bitcoin has been ruled out from being a security by the SEC.
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