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US Web3 and Cryptocurrency Providers May Leave Amid SEC Action Against Coinbase and Binance, Warns 1inch Co-Founder

The SEC's enforcement action against Coinbase and Binance could result in major Web3 and cryptocurrency service providers leaving the United States, according to Sergej Kunz, co-founder of DeFi protocol 1inch Network. Kunz believes that regulatory uncertainty in the US could harm the industry and stifle innovation.

He noted that Coinbase's CEO had held talks with UAE delegates earlier this year about setting up operations in the Middle East, and that the country is now looking to establish a base there. Kunz also highlighted the open-minded approach taken by countries such as Switzerland and the UAE towards DeFi considerations, which has put them ahead of the US.

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