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- 1 The US Financial System remained unchanged for the last four decades.
- 2 Other countries are embracing crypto, while the US is trying to convince citizens that crypto assets are securities.
Change is inevitable; individuals, their surroundings, and ecosystems must evolve for the greater good. The financial system of the US has largely remained unchanged for decades, and people are feeling the need for a change. Coinbase CEO Brian Armstrong shared his view on the topic.
The U.S. Benefits
America has been a world leader for quite some time, and the country is at the edge of a once-in-a-generation opportunity. A leap of faith from here can be very beneficial, as embracing crypto and digital finance would not only help in the updation of their financial system but will also solidify their geopolitical situation. If the world leader can also hold the title in crypto, they could become a very powerful country.
Need for the Change
Although traditional financial systems serve the country well, some inherent limitations are troubling the population. The advent of tractors revolutionized the farming industry, old methods were working but not as expected. History repeats here with crypto and blockchain technology. Even with today’s online banking, major backend processes have remained unchanged for 40 years.
Most Americans feel that the financial system needs drastic changes; recent research by Morning Consult highlights the same. This is the point where blockchain technology and cryptocurrency play their part. Its faster and more secure nature could be the desired upgrade required.
Geopolitical Benefits
A global leader in both economic and geopolitical stages cannot afford to lose on the crypto front. Its dominance is already challenged by China, the UK, Japan and E.U., all working on becoming the next leader in the world crypto economy. The United States Dollar has enjoyed a fair share of importance for decades, but it is facing certain problems lately. The benefits of adopting crypto could be great as USDC was used to help the people affected in Ukraine by the conflict.
France has passed the bill for crypto licensing; the EU is working on crypto regulations, and Dubai is trying to create a crypto ecosystem. At the same time, the US seems to be caught up in internal politics and falling behind in the race. They might lose both politically and technologically.
Coinbase and Crypto advocacy
CEO of Coinbase, Brian Armstrong, said that his company has been advocating a clear regulatory crypto framework for decades. While other countries are gaining traction, the US spends time and energy convincing people that crypto assets are securities. In a way, they are losing the war, trying to win some battles.
History Lesson – US and its Decisions
Once the United States was among the major powers for semiconductors, slowly, due to some reasons, one by one moved offshore. This caused them to face the consequences of a chip shortage during and after covid. The automotive industry, healthcare, and almost the whole economy were impacted. Hence creating indigenous ecosystems is very important.
The need of the hour is a proactive approach toward cryptocurrency and blockchain technology, with the motive of providing a clear regulatory framework. If done in time, this could create a scenario where a stable and secure ecosystem for blockchain and cryptocurrency is created. Thereby putting the US back on the pedestal.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
