Antonio Juliano, the founder of the decentralized exchange dYdX, believes that crypto builders should not focus on serving customers in the United States for the next five to 10 years. Instead, he suggests that builders should explore other markets and return to the US when the timing is right.
Highlights
- dYdX founder Antonio Juliano advises crypto builders to prioritize markets outside of the US.
- He suggests that builders experiment and find product-market fit in friendlier markets overseas.
- Juliano believes that serving US customers at this point is not worth the hassle due to unclear rules and regulations in the country.
In an Aug. 25 Twitter thread, Juliano explained that builders would face fewer obstacles and have better growth opportunities in markets outside of the US. He specifically focused on startups and emphasized that they could scale faster in friendlier markets overseas:
“Crypto builders should just give up serving US customers for now and try to re-enter in 5-10 years. It’s not really worth the hassle/compromises. Most of the market is overseas anyways. Innovate there, find PMF [product market fit], then come back with more leverage.”
Juliano further highlighted that the adoption of crypto is still in its early stages, and growing the industry long-term is the primary goal. However, he acknowledged the importance of US crypto policy work, noting that it takes time and will influence the rest of the world. He believes that having products with massive usage and a strong user base will give the crypto industry more influence in shaping policy:
“Crypto not yet having world-scale usage/product market fit means we don’t yet have much influence in policy. We need to have products with massive usage where users (voters) say ‘wait, I need this.’”
Juliano’s viewpoint aligns with the sentiment shared by many industry insiders who argue that the US lacks clear rules and regulations for the crypto market. The jurisdiction of regulatory bodies such as the US Securities and Exchange Commission and Commodity Futures Trading Commission remains a gray area. As the US government continues to delay establishing crypto regulation, Juliano suggests that the industry should focus on expanding and gaining more influence through international markets before returning to the US:
Wintermute CEO Evgeny Gaevoy also agrees with Juliano, stating that it will take either 2-3 years or never for the crypto industry to have a significant impact in the US.
Brian Armstrong, the CEO of Coinbase, responded to Juliano’s post with a different perspective. While acknowledging Juliano’s point, Armstrong believes that the situation will improve much sooner, possibly within the next year.
In conclusion, Juliano proposes that crypto builders should prioritize markets outside of the US for the next 5-10 years to overcome regulatory challenges and achieve faster growth.-
