Crypto fund manager Brian Kelly is out today with harsh words for those hoping the United States will reverse course on the country’s crypto policy. According to Kelly, it might already be too late for the United States to regain its lead within crypto.
Kelly: The US may have already lost the race
Specifically, this comes as US lawmakers appear uncertain how to proceed with Facebook’s crypto Libra. The United States has been notoriously uncertain in its approach to cryptocurrencies, and has not implemented especially cryptocurrency-friendly regulations.
As such, this has driven many crypto ventures to other countries with more crypto-friendly regulations, such as Malta or Switzerland. For example, even Facebook – who launched the company’s Libra cryptocurrency to much fanfare last month – chose to register in Switzerland for its Libra crypto.
Moreover, Kelly argues that this situation may worsen. Consequently, the United States might soon find itself increasingly left behind in the area of crypto innovation. Kelly appeared on a recent CNBC segment and highlighted how other countries are already “way ahead” of the United States.
“The U.S. may have already lost the race…It’s very concerning to me. Asia is eating the U.S.’ lunch. The U.S. is the center of finance. We should take the lead in it.”
“Inevitable” that the Bitcoin ecosystem will continue to grow – but where?
Nonetheless, the United States Congress might now be forced to confront the reality of cryptocurrencies. This week has seen a flurry of activity, related to Facebook’s Libra cryptocurrency, and a congressional hearing regarding the crypto.
With this said, however, it is clear that regulators will not change their views at once. President Donald Trump issued several crypto-averse tweets last week, and has since received support for the United States Treasury Secretary Steven Mnuchin.
After testifying on Capitol Hill yesterday, Meltem Demirors of CoinShares issued several harsh tweets regarding US policymakers’ attitude to Bitcoin. “It is inevitable that the Bitcoin ecosystem will continue to grow and contribute to the economy. The question is: where?”
Furthermore, she went on to also note that “inconsistent treatment makes it challenging for companies to determine how to operate within existing regulatory frameworks in the US”. These comments highlight the challenges brought about by the Unites States’ unclear – and in some cases nonexistent – crypto policy.
Here’s to hoping that the United States will soon implement clearer and more sensible regulations, brought about by the rise of Libra.
Image Source: CNBC
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.