Lost! In this cryptocurrency innovation competition, the United States is too late.

Just as US lawmakers racked their brains about how to deal with Facebook's Libra, they were forced to face another bitcoin, the digital currency they had been trying to avoid. Unfortunately, the longer the lawmakers wait, the more cryptocurrency innovations are moved to other places, and the more the US is left behind. Even Facebook chose Switzerland for Libra.

“Thanks to the chairman @RepMaxineWaters, senior member @Patrick McHenry, and other members of the House Financial Services Committee today spent so much time discussing Libra. We will take the time to do this. – Facebook Calibra head David Marcus (@davidmarcus) July 17, 2019"


Brian Kelly, the cryptocurrency fund manager, is worried that it may be too late. He pointed out on CNBC that while traveling around the world, he could not help but notice that "other countries are far ahead of the United States." He says:

"The United States may have lost this game… This makes me very worried. Asia is eating into the American lunch. The United States is the financial center. We should take the lead in this regard."

He may be right. Although Libra’s hearing forced Congress to face the “cryptocurrency” issue, policymakers apparently did not change their old market strategies. How do they plan to establish a regulatory framework for the industry? Of course, by establishing more committees and working groups.

“The Bitcoin ecosystem will inevitably continue to grow and contribute to the economy. The question is: Where?

'Inconsistent treatment makes it difficult for companies to decide how to operate within the existing regulatory framework in the United States. ——@Melt_Dem'”

Encryption committee carries heavy responsibility

Melin Demirors, CoinShares' chief strategy officer, testified today at the US House Financial Services Committee, where she personally helped legislators distinguish Facebook's cryptocurrency and bitcoin. She told CNBC:

"What you see in the House of Representatives today is… The legislators are trying to understand what Libra is? No one really understands. Libra wants to be a cryptocurrency. This is the style of Facebook."

Demirors pointed out that "cryptocurrency will not disappear", pointing out that the total market value of the encryption market is $266 billion. Demirors describes an environment in which parliamentarians are prepared to provide a degree of regulatory transparency to the market. She quickly separated the cryptocurrency from Libra, essentially putting them in two different buckets.

As for regulation, Demirol seems to be encouraged.

“Members are very clear that the United States needs to remain competitive and the clarity of regulation is very important. I think it is too early to say whether it will implement new regulations. I do think that we will set up a committee to focus on cryptocurrencies. The problem may be to set up a subcommittee to focus on Libra's problems."

If this is the case, then why should Washington, DC continue to follow the old path of the Commission? This seems to be the answer to anything they want to gamble – to form a new team, but so far has not achieved much. But the good news is that Bitcoin is now known all over the world. What will happen next, at least in terms of the role that the US will play in the use of Bitcoin, will lay the groundwork for the coming decades.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!


Was this article helpful?

93 out of 132 found this helpful

Discover more


Why is Cardano's (ADA) price rising this week?

ADA's recent surge in value can be attributed to the overall upward trend in the market and the positive impact of th...


Cardano's DeFi Ecosystem Flourishes Total Value Surges to Almost $450M as ADA Rockets 17% on Layer 1 Push!

This week, the total value locked (TVL) of Cardano-based tokens skyrocketed to more than $440 million, surpassing the...


Analysis and Commentary: The Fate of Bitcoin ETFs and Cryptocurrency Performance

After a period of significant growth in the crypto market, traders were briefly shaken by a report causing a halt in ...


Cardano (ADA) Breaks Out: Is a New All-Time High on the Horizon? 🚀

Cardano (ADA) has made a notable price breakthrough, surging to $0.710 for the first time since May 2022 on Thursday....


Blockchain User Activity Survey Ethereum Still Reigns, Who is Using Litecoin and Tron?

Cryptocurrency KOL Ignas conducted a survey on blockchain user engagement and compiled 7 important insights.


Cardano (ADA) Poised for a Bullish Surge: Analysts Optimistic

Numerous analysts are highly optimistic about Cardano (ADA) and predict a potential bullish market surge in the near ...