Bybit CEO Ben Zhou said the state-by-state licensing route, as pursued by Coinbase, would take two to three years, so the exchange prefers waiting for the Clarity Act or possible SEC oversight that could create one federal license. He said Bybit's absence from the U.S. has left it with a completely clear regulatory record, allowing entry at the optimal moment rather than rushing in. He cautioned that FOMO can push companies into unconsidered, detrimental decisions.

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