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Web3 Industry Leaves New York Due to Restrictive Regulations, While Hong Kong Encourages Innovation and Growth

June 30 (Cointime) - The Web3 industry is leaving New York due to the US regulators' restrictive approach, causing a decline in the city's global relevance. In contrast, China and Hong Kong have implemented common-sense regulations that have led to Hong Kong's recovery as a global cryptocurrency hub.

The SEC's regulation by enforcement and stance on stablecoins as securities have caused market uncertainty and a loss of confidence in US regulatory measures. Coinbase, a pro-regulatory company, is even considering leaving the country. New York risks missing out on economic growth and innovation unless it embraces blockchain and creates permissive laws.

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