Andy: From the capital markets side — new projects needing access to investor capital — I agree; it’s hard to build without participation from U.S. lenders and investors. However, for the global markets side — trading, derivatives, services to hedge funds — I think global crypto is doing pretty well, given the obvious constraints. Financial engineering in cities like London, Zurich, Singapore and Hong Kong, with deep talent pools and a history of innovation, is doing well. The U.S. did (impressively, in hindsight) launch futures contracts on bitcoin and ether, a few ETFs and ETF options (soon), but for depth, breadth, and innovation, you have to get on an airplane.
