DeutschIn our series on various countries and their position on digital currencies like Bitcoin, the USA can be seen as a symbol of the contradiction that is evident in many places. After all, in few countries are the contradictions surrounding the crypto market so clear. On the one hand, the country with Facebook has a provider that is working towards a massive change in the sector with its Libra stablecoin and is being criticized worldwide. In the form of JP Morgan Stanley, a first US major bank has also launched its own stablecoin on the market in the first half of the year with the self-titled JPM Coin. Even if initially as a test run with a rather open outcome.
In the course of the Libra Association’s plans, however, one thing in particular became clear in the USA: the openness to new technologies and currencies is rather limited in the country due to the various political parties.
Politics Remains Critical of the Crypto Topic
Healthy skepticism or exaggerated scaremongering? The truth, as so often, lies somewhere between the two poles of general approval and a total ban. The latter has also been demanded for months. One of the major critics in the country is none other than US President Trump. Trump spoke out relatively early after the preparations for the Libra Coin at Facebook became known. He considers Bitcoin to be evil and bad. The controversial president repeatedly had no good word to say about Libra’s plans either. There is also harsh criticism from outside the Republican party – not only of Libra, but also of digital currencies in general.
Facebook’s Libra Concept Sparked Heated Discussions
For example, the representatives of the Federal Reserve – the US central bank – are, to put it mildly, skeptical when they look at the rapidly growing crypto market. The currency watchdogs seem to be concerned about the currency stability of the US dollar. Here, too, the concerns with regard to Libra and the associated wallet are particularly great. Due to the size of Facebook, experts have been warning of systemic risk for months. Meanwhile, Facebook CEO Zuckerberg stated at his repeated hearing before Congress that Libra should not penetrate the classic banking sector. Facebook would also prefer to tackle the development work together with the responsible supervisory authorities. Whether or not Mark Zuckerberg’s statements are accepted is basically only a minor matter.
US Universities in International Crypto Leadership Position
The truth is: the USA is largely divided on whether the crypto sector is a curse or a blessing. Meanwhile, blockchain interest is growing among many companies, and the technology is also playing an increasingly important role in the academic environment. So-called crypto clubs are gradually emerging at many US universities, where members exchange ideas about coins and technological innovations in the context of the blockchain. The students recognize the opportunities. Not only the technical ones, but also the professional ones. US universities are also international leaders when it comes to courses on blockchain and crypto topics. This was shown by a survey among students, for which the well-known company Coinbase was responsible for the second time. Several renowned universities in the USA are represented in the Top 10 of the most active universities worldwide. So it is not only at the well-known elite universities that a not insignificant part of the crypto elite of tomorrow is maturing.
USA and Bitcoin: Approval of BTC Futures as an Important Industry Signal
On closer inspection, something is gradually happening on the part of the authorities as well. Although the Securities and Exchange Commission (SEC) still maintains that Bitcoin is not a security, some companies have certainly achieved relevant development elsewhere. After a long back and forth, the provider Bakkt received approval for Bitcoin Futures. Many interested parties waited a long time for the final license of the product by the responsible CFTC. The auditors had taken a lot of time before they finally cleared the way. In December, Bakkt now wants to introduce BTC options contracts for trading in the USA as a pioneer. Copycats are already in the starting blocks.
Authorities are also Recognizing Coins and Blockchain as an Opportunity
So there is hope for crypto fans in the USA that the slowly grinding mills of the authorities will act more and more flexibly. However, it should not be forgotten in this context that there are different points of view between the authorities. The institutions in the financial center of New York, for example, present themselves in many ways more openly than institutions that make decisions relevant to all federal states. One example: As early as the end of 2018, it became known that the state of Ohio would also allow tax payments in Bitcoin in the future. The city of Austin, in turn, announced in its press release in late spring that the city would be exploring new possibilities in the design of road traffic as part of a cooperation with IOTA. This is also a sign of the gradual opening, even if it is sometimes more about pleasing regional developments and not about nationwide official changes. As is well known, you can reach your goal in small steps.
USA a Big Step ahead of other Countries?
Nevertheless, such changes are important from the point of view of the growing group of crypto investors and companies that rely on the blockchain in one way or another in the USA. Last but not least, one thing must not be forgotten when criticizing the sometimes quite restrictive US crypto policy by many crypto insiders. Overall, the USA is an important location for the industry. For example, in 2019 more than every second Bitcoin ATM was already on US soil. Regardless of the money laundering concerns of many politicians, this shows: The United States is in some ways significantly further than, for example, Germany, where the Blockchain Strategy is finally to be implemented in 2020. The USA also performs better in a direct comparison with Russia.
In the land of the ruble, the introduction of a digital ruble has been under consideration for some time (especially to circumvent foreign sanctions). However, the Russian authorities see the market for cryptocurrencies as more of a thorn in their side. Compared to China, the USA is also characterized by more freedoms from the perspective of investors, exchanges and ICO providers.
Part 1: Argentina and Bitcoin
Part 2: China and Bitcoin
Part 3: Russia and Bitcoin
Part 4: Germany and Bitcoin
Part 5: Austria and Bitcoin
Part 7: Liechtenstein and Bitcoin
