Global Crypto Odyssey: Pioneering Beyond Borders

Antonio Juliano, the visionary behind the decentralized exchange platform dYdX, is advocating for a bold shift in strategy among crypto pioneers. He suggests that, for the upcoming five to ten-year stretch, these builders should temporarily set aside the goal of catering to the American market. Instead, he urges them to embark on a journey of experimentation within uncharted international territories, with the intention of reentering the American scene when conditions are primed for success.

In a compelling series of posts shared on August 25th through the platform X (formerly Twitter), Juliano passionately puts forth the notion that creators should redirect their focus to embrace markets beyond the U.S. borders. By doing so, they can potentially sidestep many of the challenges that hinder growth and adoption, thus allowing their platforms to flourish.

Juliano's insights are chiefly aimed at the emerging players within the crypto arena, those startups that are still shaping their identity. He underscores that these agile newcomers could experience an accelerated ascent in foreign markets that are more receptive to their innovations:

"For the interim period, let's encourage crypto builders to release their hold on the idea of servicing American clientele, and instead, let's encourage them to set their sights on a reentry strategy after a span of 5 to 10 years. The intricacies and concessions demanded by the U.S. market may not hold commensurate value. Given that a substantial share of the crypto landscape resides outside of the U.S., I propose nurturing innovation in these uncharted territories, discovering the elusive product-market fit, and eventually returning with enhanced influence."

"In the grand tapestry of our trajectory, it's crucial to recognize that current crypto adoption and its impact are still confined to the periphery. Personally, my only vested interest is in propelling the crypto realm towards exponential growth in the long run," he eloquently adds.

And it is a big deal that Americans can’t or won’t be able to use much of this for the foreseeable future

I’m an American. I’m writing this from our office in nyc

And nobody around me can use our product that solves problems that have plagued crypto. It’s fucking ridiculous

— Antonio | dYdX (@AntonioMJuliano) August 25, 2023

Numerous voices within the industry have resonated with concerns about the U.S.'s struggle to establish lucid regulatory frameworks for the crypto space. A glaring example of this quagmire is the uncertainty surrounding the regulatory purview of institutions like the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission in the crypto domain.

Amid the U.S. government's deliberate pace in formulating comprehensive crypto regulations, Juliano prescribes a bolder stance. He asserts that the crypto sector must evolve further in order to wield substantial influence over U.S. policy decisions.

Consequently, he posits that the wiser approach for crypto pioneers or budding startups is to initially invest their efforts in discovering viable product-market fits within international landscapes. Armed with the strategic advantage of a sizeable user base, they can then return to the U.S. market.

"However, it's important to note that this perspective does not diminish the gravity of crypto policy endeavors within the U.S. These endeavors remain undeniably pivotal, considering the extended timeline required (with adequate preparation for reentry) and the international tendency to follow in the footsteps of U.S. trends," he astutely observes. He further augments this viewpoint by stating:

"The present limitations on global-scale adoption and the pursuit of a seamless product-market fit within the crypto domain signify that our capacity to shape policy remains circumscribed. To truly exert influence, we must cultivate products that gain widespread traction, prompting users (who are also voters) to assert, 'Wait, this is essential.'"

Brian Armstrong, CEO of Coinbase — a company at the forefront of driving crypto policy within the U.S. — responded to Juliano's propositions with a divergent stance: "I comprehend your viewpoint, although I lean towards a more optimistic timeline. If I were to speculate, I'd say this transformation could materialize even as early as the upcoming year."

"The U.S. has a history of ultimately making the right choices, even if it means exploring a multitude of alternatives beforehand. Its resilience is such that it can recover from challenges, irrespective of the steadfast efforts of a small faction that aims to impede progress," Armstrong conveyed.

I see your point - but I think it will be better in a much shorter time. Probably by next year if I had to guess.

The U.S. always gets it right, after exhausting every other option. It will heal from these wounds, no matter how hard a small group of people try to stop progress.

— Brian Armstrong ????️ (@brian_armstrong) August 25, 2023

Evgeny Gaevoy, CEO of Wintermute, also chimed in, aligning his perspective with Juliano's stance. He appended: "I concur with the sentiment, though I lean towards a timeline of 2 to 3 years, contingent upon crypto's success, or an indefinite one if the trajectory is less favorable."