The reason the U.S. has been the only real developed economy/polity to try and truly fight the existence of crypto seems downstream of three separate things:
- We have the US dollar, so stablecoins are less immediately paradigm shifting 
- less technocratic, more political policy creation
- 2008 crisis emerged from US

Former SEC/CFTC/House&Senate staffer. Now Policy@Paradigm. Perennial Optimist.

First is starting to be remedied by additional stablecoin usage, second is table stakes. 

Third is probably the most interesting intellectually. A whole burst of talented people got into finreg post 2008 on the left for the first time in generations.

That group turns out to have been less unified than expected after the immediate response to the crisis (passage of and substantial implementation of Dodd Frank) had ended. 

Ironically, crypto more than anything else seems to have splintered that group, in which I include myself.

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hosting /kieran /usdc /loans /disclosure 🛸

I know for a fact it was more than that. And rather than “corrupt” it was more “politically ambitious and cynically vacuous SEC senior leadership.”

It was paid lobbyist and a corrupt SEC. Don’t overthink it.