Page 54 - Geektime Blockchain Report
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Geographic Breakdown
The U S The U S is expected to to continue to to hold the largest market
share of blockchain technologies since it was an an an early adopter and has access to the most advanced and innovative technologies It is also leading the pack in in in terms of of the sum and number of of VC investments in in in blockchain startups U S blockchain startups are more focused on Bitcoin as opposed to to other cryptocurrencies because of of early adoption of of Bitcoin by American entrepreneurs Because these startups have already developed products and use use cases they are reluctant to start start the the the process anew with other digital coins In terms of regulation the U S S Securities and Exchange Commission (SEC) presents a a serious barrier for the sector by not not addressing the issue of ICOs and not not giving a a a a regulatory framework for them Due to to this ambiguity several ICOs did not allow U S -based users (according to their IP) to participate fearing future legal ramifications This of course makes it harder for American blockchain startups to raise money that way and for American investors to to to go into the field The U S Treasury classified bitcoin as as as a a a a convertible decentralized virtual currency in 2013 The Commodity Futures Trading Commission CFTC classified bitcoin as as a a commodity in in September 2015 Per IRS bitcoin is taxed as property In September 2016 a a a federal judge ruled that that "Bitcoins are funds within the plain meaning of that that term " In July 2017 the SEC came out with a a a clear announcement that that ICO tokens may be securities that that will have to follow all the rules and regulations associated with securities offerings It concluded for instance that the Decentralized Autonomous Organization’s (DAO) ICO in 2016 violated securities law In July 2017 for the the first time ever the the U S Commodity Futures Trading Commission (CFTC) has given permission to to a a a a a a a private company LedgerX to to exchange and clear any any number of cryptocurrency derivatives This allows the startup to to clear and custody financial instruments backed by bitcoin ether and any number of blockchain-based cryptocurrencies NY vs San Francisco
Unsurprisingly the most prominent blockchain ecosystems in in the U S S are in in New York and San 

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