Key Takeaways
- Developers on Coinbase’s layer-2 network, Base, show no signs of frustration, according to Xen Baynham-Herd, Global Builders Head at Base.
- Péter Szilágyi, an Ethereum core developer, criticized the Ethereum Foundation, alleging it’s controlled by an elite ruling group.
- Baynham-Herd attributes Base’s positive developer environment to its commercial structure under Coinbase.
- Mohamed Ezeldin of Animoca Brands believes the U.S. is outpacing the U.K. in crypto development due to policy inaction and political instability in Britain.
U.S. Takes the Lead in Crypto Adoption
Mohamed Ezeldin, Head of Tokenomics at Animoca Brands, suggests that the United States is advancing more effectively in shaping the future of cryptocurrency compared to the United Kingdom. Ezeldin noted that the U.K.’s aspirations to lead in emerging technologies are being hampered by a lack of decisive policy, tax concerns, and political turbulence.
Ezeldin expressed that the U.S. is progressing with greater confidence toward crypto adoption, despite its regulatory framework still needing development. He remarked on the U.S. President’s determined approach to policy execution, referencing the launch of initiatives like Trump’s token and World Liberty Finance as indicators of a pro-crypto mandate. So the U.S. is actually in a much better position as of today for crypto, even though regulation is still lagging behind, Ezeldin stated.
He acknowledged that the U.S. has faced challenges in its crypto journey but maintained that its global influence in the sector remains unparalleled. The U.S. has always been a leader in this space, again, for better or worse, he concluded, contrasting this with the U.K.’s current struggling position.
Challenges Hampering the U.K.’s Crypto Ambitions
Ezeldin highlighted that the U.K. is currently experiencing significant setbacks in the crypto space. We’re not faring too well as the U.K. right now. We’re getting battered and bruised, absolutely, for sure, he commented.
During an interview at the Zebu Live conference in London, Ezeldin stated, The U.K. says it wants to be a leader in emerging technologies. But realistically, no steps have been made to alleviate any of the pain points. He observed that despite government declarations promoting Britain as a crypto hub, the actual conditions on the ground tell a different story.
Some of the pain points — tax is a big issue, he said. A lot of founders are leaving the U.K., moving to Dubai and Lisbon for tax breaks.
Ezeldin further explained that recent political instability in the U.K., marked by frequent changes in leadership and economic uncertainty, has exacerbated these issues.
The instability within the U.K. government right now is not a beacon of success, he noted. ‘Come to the U.K., we’re in a solid phase of growth,’ that’s not been the case.
These remarks coincide with the U.K.’s efforts to re-establish itself as a crypto hub, an initiative previously championed by former Prime Minister Rishi Sunak, who aimed to position the U.K. as a global hub for crypto technology. Despite pledges to introduce stablecoin legislation, explore a digital pound, and attract blockchain investment, progress has been notably slow.
Animoca Brands’ Global Strategy
Despite the complexities of the regulatory environment, Ezeldin affirmed that Animoca Brands continues its global expansion, collaborating with major organizations on blockchain infrastructure projects. The Hong Kong-based firm, which originated in the gaming sector, has evolved into an ecosystem developer with over 600 investments across the Web3 landscape.
We’re focused on digital property rights and true ownership of assets, Ezeldin explained. Our approach has always been about adding value to the ecosystem, not extracting it.
Final Thoughts
The U.S. appears to be gaining momentum in the cryptocurrency sector, supported by a more decisive approach to innovation, while the U.K. faces challenges due to policy delays and political instability. Animoca Brands, meanwhile, continues its global expansion, emphasizing digital property rights and ecosystem value creation.