United Square Venture Capital Co-founder: US SEC's strict cryptocurrency regulations will drive innovation from the US to Asia

On May 27th, Fred Wilson, co-founder of Union Square Ventures, said the regulator’s recent negative ruling on the US crypto exchange case was very devastating. The hostile policy will eventually drive the innovation of Silicon Valley, which is the “global technology center”. Wilson said, "After five to ten years, when we look back and consider why the next big-scale technology industry is concentrated in Asia rather than the United States, the SEC's reluctance to develop new rules to regulate new assets will be the culprit."