The post Ripple Executive Warns US Blockchain Industry Falling Behind Asia Due to Regulatory Hurdles appeared on BitcoinEthereumNews.com.

The United States is at risk of falling behind in the blockchain industry compared to more progressive regions such as Asia and Europe. Industry insiders believe the US needs to address six critical areas to remain competitive in the global blockchain market. Ripple Asia Pacific Managing Director Fiona Murray stressed that “a lack of open-mindedness” in the US is pushing blockchain businesses overseas. The US blockchain industry is facing challenges in remaining competitive globally, but strategic initiatives could reverse the trend and foster innovation. Talent Development: A Crucial Component Anthony Georgiades, founder of Web3 layer-1 Pastel and general partner at VC firm Innovating Capital, highlights that despite growing interest, the US is struggling to attract and retain necessary blockchain talent. He suggests targeted efforts like funding specialized blockchain training programs in universities, fast-tracking visa programs for skilled foreign developers, and supporting public-private partnerships. Such efforts could nurture blockchain expertise and maintain the US as a leader in the industry. Creating a Supportive Banking Environment According to Fiona Murray, the US needs a more supportive banking community for the blockchain industry. Jacob Ogle, founder of the Glue blockchain, emphasizes that current banking restrictions are stifling domestic blockchain businesses. He pointed out that while countries in Asia like Singapore, Korea, and Japan are making significant strides, US companies often face prohibitions from even using banks if they are identified as a crypto business. An overhaul in banking support could be pivotal for fostering growth and innovation within the US blockchain sector. Enhancing User Experience for Broader Adoption Erik LaPaglia, Chief Strategy Officer at Propy, believes that one significant barrier to blockchain adoption is its perceived complexity. He advocates for a focus on user-friendly design, ensuring that blockchain interaction is as straightforward as possible. According to LaPaglia, simplified user experiences with intuitive interfaces…

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Filed under: News - @ September 28, 2024 9:15 pm