Without wishing to get political, the US is making a significant mistake when it comes to crypto.
It’s not a grave mistake, and it’s fixable, but it’s a mistake nonetheless.
It seems several nation states still haven’t grasped the importance of Bitcoin, and crypto, and they still haven’t come to terms with what crypto is.
Crypto is like solar energy, you can’t fight it, you can only harness it.
We keep reading things that should frustrate us, because it means they have no idea what they’re doing.
I remember reading about the EU ‘scrapping plan to ban €1,000+ transactions on self-custody wallets’. They made it sound like an arbitrary decision, but it isn’t.
Is the EU ready to shut down the internet, completely and for everyone and forever? I’m asking because that’s the only way you can stop User A transacting with User B on a self-custody wallet.
It’s just not possible.
And the US is sort of on the same page. I understand the will, and perhaps even the need, to regulate centralised companies that offer crypto exchanges, but self-custody wallets are different.
The US needs to understand that crypto plays by its own rules, and it will bend regulators around it. It is not the other way around. Crypto will continue to exist, and rise, and you can’t fight it, so it’s better to do what the UAE, for example, is doing, and embrace it.
Every other country should do that, of course, but the US especially, because its role as the world’s leading power is being challenged left and right, and crypto is one domain where it would be relatively easy, for them, to get back on track.
But they aren’t doing it. The latest red flag, admittedly a small one, came from two self-custody wallets you’ve probable never heard of, Phoenix and Wasabi.
Both decided to leave the US and stop offering their services to US customers ‘amid regulatory concerns’.
Where have we heard that one before? If I had a dollar for every time I read about company XYZ leaving the US ‘amid regulatory concerns’, I’d be a billionaire.
People always do whatever they want, especially if they can afford to. So if the US keeps on pushing crypto firms and users away, they will simply go elsewhere.
bitcoinea 
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