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"

Bald-eagle-140793_1280

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!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

Will Upbit's $ 50 million loss bring Defi's "prosperity"?

The South Korean exchange was stolen again. Following the theft of a South Korean exchange at the beginning of the ye...

Opinion

Unveiling the FTX Empire's 'Second-in-Command' The Glorious and Falling Journey of Chinese Genius Programmer Gary Wang

What has Gary Wang gone through, from being a close friend of SBF to becoming the COO of FTX and a key witness?

Blockchain

A picture of the stolen Bitcoin exchange in the past years

This infographic is mainly to summarize the past money currency exchanges and then display them in a visual form. The...

Blockchain

Comment: The exchange is open finance

Foreword: In the current encryption world, exchanges are the biggest catchers of value. Because of the user's de...

Blockchain

Hong Kong's anti-acquisition new deal will take effect, and the "coin stock" of the fire currency will be renamed as a risk

Tongcheng Holdings Co., Ltd. (HK1611) issued an announcement proposing to change the company name to Firecoin Technol...

Web3

Uniswap, the most successful American Internet Fintech company benefitting from the Web3 dividend.

Ultimately, it is the users who end up paying for faith. However, there is also this saying the most imaginative asse...