The United States Securities and Exchange Commission (SEC) has been bashed for its rulings against Elon Musk’s Tesla, the crypto market and investment organizations in the local market.

On Sept. 29, Michael Arrington, the co-founder of TechCrunch, declared that his venture capital firm has made the call to move out of the US and move its operations to Asia after the SEC sent two subpeonas to XRP Capital.

“We received a second subpeona from the SEC, again collecting information from us as investors in a U.S. company. The legal costs of dealing with these are not insignificant. We will not invest in any further U.S. deals until the SEC clarifies token rules. Pivot to Asia,” Arrington revealed.

Livid with the ruling of the SEC to clamp down on local and investment firms, Arrington also said: “the U.S. has already been left behind.”

Gemini and Coinbase, two of the most heavily regulated cryptocurrency exchanges in the market, have been actively collaborating with the SEC and local financial regulators to establish the country’s cryptocurrency infrastructure and policies.

Just recently, Coinbase launched a framework that allows tokens to get listed on the platform under complete compliance with local regulations. If a token is integrated into Coinbase with the say-so of the SEC, then it is legitimately cleared as a security and exchanges are free to assimilate it without having the risk of being recognized as a distributor of unregulated securities.

But, until Coinbase lists tokens on its platform, exchanges and investors in the US market cannot be sure that tokens are considered as non-securities under current regulations. The crypto market in the US is waiting on Coinbase to introduce the integration process of tokens.

Such an impractical ecosystem and the SEC’s continuous clampdown on cryptocurrency-focused investment firms have led major investors such as Arrington and his firm XRP Capital to move from the US to other major markets. For merely investing in the crypto market, VC firms have started to receive subpeonas and become vulnerable to investigations.