As the United States government has overtly expressed its apprehension about cryptocurrency, speculations have been rising that this attitude could spread and affect European countries in the same way. Such an attack could greatly influence the way in which crypto companies conduct their work and would have implications on the global crypto space. The Securities and Exchange Commission, chaired by Gary Gensler, is the main entity that has, so far, been attempting to bring these companies under its rigorous surveillance with heavy enforcement actions.

This move can be seen as an endeavour to guarantee that the US dollar keeps its domination, by denying similar supremacy to the industry being created around the innovative cryptocurrency technology, which has the potential to rival the traditional payment system. It appears like the SEC is allocating a lot of resources to tackle this small asset class, at a time when America’s banking system is facing a crisis.

Moreover, worldwide changes to the reserve currency, like the introduction of a common currency by the BRICS, might not ripple out in the short-term. This means that the US still has a chance to complete its mission and compel European governments to take a similar stance by leveraging its political and economic power.

But, this may not be successful if one were to delve into how China has changed its perspective and allowed Hong Kong to use it as its trial area, or the more favourable environment to cryptocurrency in Latin America, Africa and other Asian countries. Therefore, it wouldn't be incorrect to expect that the next cryptocurrency cycle could be led by the nations in these areas. In conclusion, the US resistance towards the cryptocurrency sector cannot stop world-wide advancements in the field unless it establishes a global footprint of its restraint.



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