Categories: Bitcoin Business

Fund Manager: US Might Have Already Lost Crypto Innovation Race

Click here to view original web page at
Brian Kelly is worried that the U.S. has fallen too far behind in the crypto innovation race while we should be taking the lead in it. | Source: CNBC/YouTube

As U.S. lawmakers wrestle with what to do with Facebook’s Libra, they are being forced to confront another digital currency that they’ve been trying to avoid like the plague – bitcoin. Unfortunately, the longer lawmakers wait, the more left behind the U.S. becomes as crypto innovation goes elsewhere. Even Facebook chose Switzerland for its Libra coin.

Many thanks to Chair @RepMaxineWaters, Ranking Member @PatrickMcHenry, and the rest of the House Financial Services Committee for devoting so much time to discuss Libra today. We will take the time to get this right.

— David Marcus (@davidmarcus) July 17, 2019

Crypto fund manager Brian Kelly worries that it might already be too late. He pointed out on CNBC that while traveling the world, he can’t help but notice that “other countries are way ahead of the U.S,” saying:

“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.”*

He may be right. While the Libra hearings have forced Congress to confront crypto, policymakers clearly haven’t changed their archaic approach to the market. How do they plan on forming a regulatory framework for the industry? By creating more committees and taskforces, of course.

"It is inevitable that the Bitcoin ecosystem will continue to grow and contribute to the economy. The question is: where?"

"Inconsistent treatment makes it challenging for companies to determine how to operate within existing regulatory frameworks in the US."

— Jameson Lopp (@lopp) July 17, 2019

Crypto Committee Overload

CoinShares Chief Strategy Officer Meltem Demirors testified before the U.S. House Financial Services Committee today, where she took it upon herself to help lawmakers differentiate between Facebook’s attempt at a cryptocurrency and bitcoin. She told CNBC:

“Today what you saw today in the House…was lawmakers are trying to understand what is Libra? Nobody really understands. Libra would like to be a cryptocurrency. That is how Facebook is styling this.”

Demirors made the point that “cryptocurrencies aren’t going away,” pointing to the $266 billion combined market cap of the broader crypto market. Given her front-row seat to Congress, Demirors described an environment in which representatives are ready to provide some regulatory clarity to the market. She is quick to draw a distinction between cryptocurrency and Libra, essentially placing them into two separate buckets.

As for regulation, Demirors appears encouraged,

“Lawmakers are very aware that the U.S. needs to remain competitive, that regulatory clarity is tantamount…I think it’s too early to say whether new regulation will be applied. I do think we’ll see the formation of a committee to focus on the issue of cryptocurrencies and possibly a subcommittee to focus on the issue of Libra.”

If that’s the case, then why is Washington, D.C. continuing on this path of committee overload? That appears to be their answer to anything they intend to punt on – form a new group and so far it hasn’t led to much fruit. But the good news is that the world now knows about bitcoin. What happens next, at least as far as what role the U.S. will play in bitcoin adoption, will set the stage for decades to come.

*Direct quotes are a rough translation of a live TV interview.


Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Published by

Recent Posts

Argo: New Agreement Signed to Expand Power Capacity by 357%

LONDON--(BUSINESS WIRE)-- Argo will also have an option to boost mining capacity by up to 1360 petahash (PH), or 1.36… Read More

50 mins ago

Legendary Investor Bashes ‘Psycho-Currency’ Bitcoin, Then Accidentally Makes Crypto Case

Mark Mobius, founding partner of Mobius Capital Partners claims bitcoin's emergence will further drive investors to gold. | Source: REUTERS/Francis… Read More

50 mins ago

Hitting This Key Area Could Trigger a Quick Bitcoin Price Boom

Bitcoin price is having a volatile week. | Source: Shutterstock By CCN Markets : Since August 15, in less than… Read More

50 mins ago

Online Blockchain Launches Cryptocurrency Subscription Service for New Coins and Tokens

- Innovative 'HODLbox' enables subscribers to exploit nascent cryptos - LONDON, Aug. 20, 2019 /PRNewswire/ -- Online Blockchain plc (… Read More

50 mins ago

Maharashtra to use blockchain technology to monitor services

Maharashtra , the second largest state in India, announced that they will be using blockchain technology in a wide variety… Read More

50 mins ago

People Who Want to Control Their Capital Buy Bitcoin, Says Circle CEO

Jeremy Allaire, CEO at cryptocurrency financial services company Circle, expressed his optimism in regards to Bitcoin ( BTC ) being… Read More

51 mins ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More