• The U.S. government is taking an openly hostile stance towards crypto, and the SEC has been obstructive in its enforcement actions against crypto companies.
• The U.S. may be trying to protect the dollar from the threat of superior payment systems arising out of crypto innovations.
• The U.S. wants to use its power and influence to persuade other governments, particularly in Europe, to take a similar line on crypto as it has taken itself.
U.S.’s Hostile Stance Towards Crypto
The U.S. government has taken a hostile stance towards cryptocurrency and its related companies, with the Securities and Exchange Commission (SEC) under Chairman Gary Gensler using blunt tool of enforcement instead of discussing how these companies can comply with regulations. This move could be seen as an attempt to protect the dollar from potential threats arising from superior payment systems enabled by cryptocurrency innovations.
U..S Power & Influence Declining
However, US power and influence may be declining due to the emergence of BRICS countries forming a common currency that could eventually rival the dollar, once backed by real commodities; something which took away when President Nixon removed gold backing in 1971 leaving it backed only by government word and military might alone..
U..S Needs Europe’s Help
Realizing that a ban on cryptocurrencies within its own borders alone would not suffice, the US is looking for help from European countries to back their anti-crypto stance so that it would have more impact globally, particularly in banking where they have much influence over other nations policies .
Asia Could Lead Next Crypto Bull Market
It is possible that even if this plan succeeds, Asia or some other region could lead the next bull market for cryptocurrencies since they are far more out of reach from US control and influence than most other areas around the world .
In conclusion, while US power may still have some clout behind it , there are many changes happening globally which make it less certain what will happen going forward . It remains to be seen whether or not US efforts will manage to change public opinion enough for European countries to follow suit in their anti-crypto initiatives .