Cathie Wood of investment manager ARK Invest has stated that the U.S. regulatory system is causing the U.S. to ‘lose’ the bitcoin movement.

Wood, speaking at Fortune’s Most Powerful Next Gen Conference last week, described how the center-of-gravity of cryptocurrency is shifting away from the U.S., using an example of the crypto exchange Coinbase , which received a license to operate in Bermuda, while also looking to increase its presence in Singapore.

ARK Invest, a crypto-world leader, is known for its large orders that are placed on a regular basis.

Wood stated, “It would have been nice if we were the leaders in this movement. But we are losing it and it’s because of our regulatory systems.”

The Securities and Exchange Commission’s (SEC) insistence that the crypto industry doesn’t require any additional framework than the existing securities laws is the main source of frustration. Not to mention the ongoing disputes between Coinbase and Ripple.

Cathie Wood cited the financial crisis of this year, in which Silicon Valley Bank and Silvergate all collapsed, as “proving the concept” of Bitcoin. Wood says that these crises highlight the dangers associated with centralization of financial systems. Bitcoin runs against this.

The reason for its adoption is that many people are attracted to the idea of decentralized, transparent and auditable monetary systems. She said that it was born from the 2008/2009 financial crisis when people lost their trust in financial services.

It was only after two more crises in the past year that the concept became a reality. FTX was a failure because it wasn’t auditable, centralized and opaque.

Read more: U.S. If they act now, lawmakers can get crypto regulations right.