Cosmo Jiang, portfolio manager at investment firm Pantera Capital, said: "Opportunities have shifted overseas in the past few years because of the harsh regulatory environments in the U.S." As the U.S. continues to make progress, this shift will come back, and so will our capital allocation. "Additionally, Copper Technologies Ltd., a London-based cryptocurrency custodian, is considering a renewed focus on the U.S. market in the event of a Trump victory, according to a person familiar with the matter but not authorized to speak publicly. According to the Financial Times, advisers to U.S. Vice President Kamala Harris are seeking to reconnect with the industry, and Republican presidential candidate Donald Trump is seeking donations and votes from the industry, promising to make the United States the "global cryptocurrency capital", in part by firing Securities and Exchange Commission Chairperson Gary Gensler. These trends suggest that the center of gravity of cryptocurrencies is shifting further towards the United States, a shift that began this year with the successful debut of the first spot Bitcoin and Ethereum ETFs in the United States.