The US is falling behind China and Europe in blockchain development primarily due to the lack of regulatory frameworks. With a practical approach toward blockchain regulation, countries in Europe, as well as China, Hong Kong, and Singapore are demonstrating greater progress in blockchain implementation.
According to a blockchain startup tracker developed by Outlier Ventures, the vast majority of startups in the US are focused on the development of bitcoin and other cryptocurrency-based platforms and applications, rather than blockchain technology.
Currently, the state of New York houses some of the major blockchain development firms and companies in the US, including former JP Morgan executive Blythe Masters’ Digital Asset Holdings, Consensys, and R3CEV. Although R3CEV emphasized its detachment from blockchain technology, the consortium of international banks and financial service providers is still building a blockchain-inspired technology for the finance industry.
Some reports, including VentureBeat’s recent article authored by interim Chief Marketing Officer for Blockchain Humanitarian startup Humaniq Richard Kastelein, attributed the slow growth of the US blockchain industry to the Security Exchange Commission’s (SEC) indecisive stance on Initial Coin Offerings (ICOs). The truth is, the