President Trump Issues Executive Order Preventing Any U.S. Involvement With Venezuela’s Petro

In the latest move by the U.S. government to restrict the Maduro regime’s access to capital, President Donald Trump has issued an executive order banning any transactions within the U.S. involving “any digital currency, digital coin, or digital token, that was issued by, for, or on behalf of the Government of Venezuela on or after January 9, 2018.” This ban is most likely aimed at the Petro.

The order applies to U.S. citizens as well as any person within the United States. According to Russ Dallen, managing director at Caracas Capital, “it’s a pretty big blow” for the country.

Venezuela launched the oil-backed Petro cryptocurrency in February in attempts to help pull the country out of a continuing economic crisis where inflation is estimated to spiral to 13,000% later this year. Venezuelan President Nicolas Maduro said each Petro token would be backed by one barrel of the state’s oil. Maduro also said roughly 100 million petro tokens would be issued — estimated to be worth around $6 billion.

U.S Moves

Last August, the Trump administration barred the trading of new debt issued by Venezuela’s government and its state-owned oil company in U.S. markets amid deteriorating humanitarian conditions in the nation. Treasury Secretary Steven Mnuchin said at a news conference following the announcement that the order was, as expected, meant to restrict the Venezuelan government’s access to capital.

President Trump has also said he would not rule out a “military option” in Venezuela as the Maduro regime consolidates power:

“We have many options for Venezuela, including a possible military option, if necessary,” Trump told reporters, also last August.

Fast forward to today, the U.S. government has been weighing sanctions on Venezuela’s all-important oil sector before the nation’s presidential election on May 20th. Further sanctions could be a potentially crippling blow to the Maduro government, which depends almost exclusively on oil sales to sustain what’s left of the country’s economy.

The Organization of American States & the Summit of the Americas

According to Mike Pence’s office, the Vice President will further pressure Maduro’s government in a speech Wednesday to a session of the Organization of American States:

“The Vice President will call on all members to increase pressure on the Maduro regime to restore the country’s democracy and address the humanitarian crisis unfolding in Venezuela,” Pence’s spokeswoman, Alyssa Farah, said today in a statement.

President Trump himself plans to attend the Summit of the Americas in Lima next month, where his administration is likely to highlight its efforts to isolate the Venezuelan government.

Subscribe to our newsletter

Twitter may soon join Facebook and Google in cracking down on ads for cryptocurrency-related products, according to Sky News. The claims (not yet verified by Twitter) are that the social network will institute a worldwide ban against ads for initial coin offerings (ICOs), cryptocurrency wallets, and token sales within the next two weeks. It might also ban ads for cryptocurrency exchanges with “some limited exceptions.”

This isn’t the first step that Twitter has taken to stop deceptive cryptocurrency scams: the company is currently in the process of taking down accounts that demand small amounts of a cryptocurrency under the guise of “verified” celebrity Twitter accounts.

While the tip didn’t specify Twitter’s exact reasoning, it’s likely to be the same as Facebook and Google’s — recently the two companies both banned most crypto-related ad content.

In January Facebook reported that it would begin prohibiting ads that promote financial products and services which are “frequently associated with misleading or deceptive promotional activities.”

And just last week Google had similar announcements: A section on Google’s website related to advertising policies and financial services specified that the search giant’s ban would cover ads for “cryptocurrencies and related content — including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice.”

Good Thing? Bad Thing?

Could the ban be a good thing? According to Forbes, the top cryptocurrencies — Bitcoin, Ethereum, Ripple, and Litecoin — are so well known that they don’t need advertising. Craig Cole from CryptoMaps told the news outlet: “While this isn’t the best news, it could be a good thing for cryptocurrency. The ban will help solidify the market and weed out scam coins and illegitimate actors looking to get rich quick, providing stability. This ban doesn’t mean that cryptocurrency is going away. I believe it will ultimately strengthen it.”

That said, if Google is an indicator, Twitter’s announcement could impact the markets, which reacted badly to the search giant’s news: in less than 24-hours over $60 billion was shed and most altcoins lost over 20% of their value.

Another problem is that Twitter CEO Jack Dorsey does hold conflict roles, being that he is also the CEO of payment processor Square, who have recently been attempting to incorporate Bitcoin into their platform. This means that Dorsey’s “Twitter hat” may be leading him to pacify regulators and reduce crypto-hype; but Dorsey’s “Square hat” seems to be pushing him more into cryptocurrency territory.

Time will tell how accurate this this leaked information is. Twitter has yet to respond to inquiries. 

Coca-Cola is joining forces with the U.S. State Department and three other organizations — Bitfury Group, Blockchain Trust Accelerator (BTA), and Emercoin — to launch a blockchain-based project that aims to create a secure registry for workers to fight the use of forced labor worldwide. This is the State Department’s first major blockchain project, and serves to reinforce the technology’s growing application for social and humanitarian causes.

The initiative is set to use blockchain’s distributed ledger technology to create a secure, decentralized registry for workers and their contracts, according to BTA, a non-profit organization involved in the project that focuses on real-world applications of blockchain to deliver social impact. Bitfury Group, a U.S. tech company, with help from Emercoin, will build the blockchain platform for this project.

As for the State Department, the agency will provide expertise on labor protection. “The Department of State is excited to work on this innovative blockchain-based pilot,” Deputy Assistant Secretary Scott Busby said in an email to Reuters.

Food and Beverage Companies: Forced Labor

Recently, food and beverage companies have been facing increased pressure to address the risk of forced labor in countries where they obtain sugarcane. A study released last year by KnowTheChain (KTC), a partnership founded by U.S.-based Humanity United, showed that most food and beverage companies fall short in their efforts to solve the problem. According to the International Labor Organization, nearly 25 million people work in forced-labor conditions worldwide, with 47% of them in the Asia-Pacific region.

To combat this issue, Coca-Cola is playing a major role as part of a pledge to conduct 28 national studies on labor and land rights for its sugar supply chains before 2020. And while this blockchain project is still young, it appears likely it will still represent an improvement over a modern employment system that frequently lets companies abuse workers with relatively little consequence. 

Despite Coca-Cola certainly taking a step in the right direction, the project already faces some limits. As noted by Busby, while blockchain can help persuade companies and governments to respect work contracts, it can’t actually force them to respect those contracts.

Also, blockchain’s digital nature raises some implementation questions, like how do you ensure that workers can access the necessary information when many of those affected might not even have the access to a smartphone or computer?

According to an application with the U.S. Patent and Trademark Office, PayPal wants to speed up crypto transaction processing times and has filed a patent for a faster cryptocurrency payment system.

Since PayPal kicked off in 2002, the company has dominated the online payment scene — but they face increasing competition: in the last couple years cryptocurrency payment solutions have proliferated the market. These decentralized platforms demonstrate that if PayPal doesn’t make some moves forward, it will likely face stiff competition and begin to lose its foothold in the global payments arena.

“Expedited Virtual Currency Transaction System”

Perhaps attempting to preempt the inevitable rise of cryptocurrency-based payment solutions rivalling its own, PayPal filed its patent application for an “Expedited Virtual Currency Transaction System” on March 1st.

Decentralized cryptocurrencies accomplish the ultimate ambition of PayPal: to transact quickly and inexpensively across borders. While PayPal must rely on partnering financial institutions and payment processors to provide their service (which add costs and time to transactions) distributed networks that run cryptocurrencies are likely starting to look like a better alternative.

Remember, PayPal’s has an inherent fee structure in which customers and merchants alike face 5% charges per transaction for the privilege of using the platform, among other arbitrary rules designed to keep everything aboveboard.


PayPal CEO Dan Schulman recently spoke about the opportunities and obstacles related to cryptocurrency-based payment solutions. Schulman touched on the level of volatility and inconsistent regulations in the growing space, saying, “Regulations need to be sorted out along with a whole number of other things. It’s an experiment right now that is very unclear as to the direction it will go in.” 

In other comments made last month, PayPal CFO John Rainey discussed the risk that companies accepting Bitcoin may suffer: “Given the volatility of Bitcoin right now, it’s not a reliable currency for transactions because if you’re a merchant and you have a 10% profit margin, and you accept Bitcoin, and the very next day Bitcoin drops 15%, you are now underwater on that transaction.” Rainey also indicated that he thinks it will be “years down the road,” before Bitcoin becomes ubiquitous.

Looking Ahead

Judging by their recent quotes, the two most senior executives at PayPal are cognizant of ongoing regulation efforts, Bitcoin’s innate flaws, and their own platform’s weakness versus cryptocurrency alternatives. And though the comments made by Schulman and Rainey within the last month are true, that doesn’t mean they contrast with plans for their patent. Looking ahead, there are several ways that PayPal could use cryptocurrency technology while both ignoring Bitcoin and staying ahead of ongoing regulatory efforts.

One option is that PayPal might create a type of cryptocurrency exchange service, whereby those with any type of cryptocurrency can use the platform to send and receive payments easily, with all settlement and exchange done behind the scenes. Another (perhaps more probable) alternative is that PayPal will create its own centralized cryptocurrency — similar to what Ripple has done.

Either way, PayPal will finally be able to escape the clutches of its service providers, reach across borders where it’s currently not active, and provide clients with a cheaper, faster way to merge their physical and digital finances. However, the company has stiff competition and will need to act fast, as it’s already far behind the curve.

At the request of the Federal Trade Commission (FTC), the U.S. District Court for the Southern District of Florida has halted the activities of four individuals who allegedly promoted deceptive money-making schemes involving cryptocurrencies. These schemes falsely promised participants they could garner huge returns by using cryptocurrencies such as Bitcoin or Litecoin to enroll themselves and others.

In a complaint, the FTC alleges that four defendants — Thomas Dluca, Louis Gatto, Eric Pinkston, and Scott Chandler — promoted the chain referral schemes called Bitcoin Funding Team, My7Network, and Jetcoin. Using YouTube videos, social media, and conference calls, the defendants promised big rewards for small payments of Bitcoin or Litecoin. The FTC alleges, however, that the structure of the schemes ensured that few would benefit — and that, in fact, the large majority of participants would fail to recoup their initial investments.

Bitcoin Funding Team, My7Network, and Jetcoin

Two of these schemes — Bitcoin Funding Team and My7Network — required people to use Bitcoin or Litecoin to pay for the right to recruit others into the schemes. There was no product or service to sell, people were simply told to pay in and recruit other people into the program. Supposedly, the more cryptocurrency people paid in, the more they would make. The FTC alleges that these programs were “illegal chain referral schemes.”

“This case shows that scammers always find new ways to market old schemes, which is why the FTC will remain vigilant regardless of the platform – or currency used,” said Tom Pahl, Acting Director of the FTC’s Bureau of Consumer Protection. “The schemes the defendants promoted were designed to enrich those at the top at the expense of everyone else.”

The FTC alleges that a fourth defendant, Scott Chandler, promoted Bitcoin Funding Team and another deceptive cryptocurrency scheme, Jetcoin. Similar to the other two, Jetcoin also promoted a recruitment scheme but also promised investors a fixed rate of return on their initial Bitcoin investments as a result of Bitcoin trading. In a series of promotional calls, Chandler claimed Jetcoin participants could double their investment in 50 days. In reality, the FTC complaint alleges, the scheme failed to deliver on these claims and ceased operation within two months of launching.

In its complaint, the FTC charged that the defendants violated the FTC Act’s prohibition against deceptive acts by misrepresenting the chain referral schemes as bona fide money-making opportunities and by falsely claiming that participants could earn substantial income by participating in the schemes. As requested by the FTC, the court has issued a temporary restraining order and frozen the defendants’ assets pending trial.

These types of complaints have been popping up much more frequently as of late. This year has seen the U.S. Securities and Exchange Commission hitting cryptocurrency and blockchain based technology companies with subpoenas and demands for information in a widespread effort to control fundraising and weed out bad players. The CFTC has also been issuing warnings against similar crypto-related fraud schemes called pump and dumps.

Renowned venture capitalist and Bitcoin-enthusiast Peter Thiel, who is moving from the Bay Area to Los Angeles, said that rent prices in and around San Francisco are too high to keep the area as a hotspot for novel start-ups. According to Theil, the majority of the money he spends with Silicon Valley start-ups goes to landlords and “urban slumlords,” this according to an interview today at the Economic Club of New York.

Thiel, an early Facebook investor, spoke on a wide range of topics during a lunch at the club, including Silicone Valley/LA, his lawsuit against media-group Gawker, U.S. trade, and President Trump. Thiel also spoke about cryptocurrencies — reaffirming his support for Bitcoin but throwing shade at other coins. Here’s a rundown of some of the issues he discussed.


Thiel is a prominent early backer of cryptocurrencies, with his venture capital firm, Founders Fund, holds many crypto assets. Thiel said crypto effectively served as a “hedge against the whole world falling apart.” But interestingly, he also noted that he was bearish on coins other than Bitcoin:

“I would be long bitcoin and neutral to skeptical of just about everything else at this point,” he said. “My view is that there’s going to be one cryptocurrency that will be the equivalent of gold.”

Los Angeles

Thiel said he was eager to escape the “herd-like thinking” and “lemming-like behavior” he sees in Silicon Valley. Thiel also said that the political alienation he faced after supporting Donald Trump was not a primary driver of his move, but that he, still, wasn’t happy with the current political state of the area.

Silicon Valley, he said, “has become almost a one-party state. If you have something that’s 85-15 as a split, that’s lopsided but understandable. If you have something where the apparent split is 99-to-1, where you have that sort of near-unanimity, that’s not because the 99% have figured out the truth. That’s where you’re dealing with something that’s almost totalitarian.”


For the most part, Thiel largely declined to spell out specific frustrations regarding Trump — and he did defend his decision to support the polarizing president: “I thought supporting Trump was one of the least contrarian things I ever did. Half the country supported him.”

He didn’t say much, but Thiel did show support for Trump’s newly instituted steel and aluminium tariffs, though he is a self-described libertarian; in relation, Thiel argued that too many free-traders are “too dogmatic and too doctrinaire.” Further, he defended Trump’s reelection chances, saying he would win — but repeatedly with the precursor of “if he runs.”

In conclusion, he said: “It’s very hard to get things to work in this country. Obviously, there are all sorts of things that are somewhat disappointing — and at the same time, I don’t know how much one can expect.”


Thiel sits on the board of one media company, Facebook, but played a part in closing down another, Gawker, by funding the lawsuit that destroyed it. How does he reconcile that?

“What Gawker did vis-a-vis what the big tech companies are doing is very different,” he said. “If you voluntarily give the information, that’s quite different from it being illegally obtained in a privacy-violating way.”

Amid the rising number of crypto-related scams that are coming about with the ever-increasing popularity of cryptocurrencies, Finance Minister Wopke Hoekstra outlined his concerns over the recent rapid boom in the popularity of the coins in a six-page letter to the Dutch House of Representatives and the Senate.

Hoekstra argued that there has been little time to understand and react to the changing landscape, and that the current supervision and regulatory framework is ill-equipped to deal with it; because of the cross-border nature of the technology and markets, closing those gaps requires a unified approach across governments and borders.

Like many other policymakers, Hoekstra sees the value in promoting and developing the technology behind cryptocurrencies — specifically blockchain technology. However, in addition to the concern over fraud and hacking, the minister also expressed concern over the immature and unregulated nature of the market and how to better inform consumers of the potential risks.


The Australian Taxation Office (ATO) has also issued a warning to the public: be wary of scammers impersonating the ATO and demanding Bitcoin or other cryptocurrencies as a form of payment for fake tax debts. Officials in other countries are calling governments and citizens alike to be wary of cryptocurrencies, too. According to a statement from the agency, so far, $50,000 has been paid in Bitcoin to scammers claiming to be its representatives — and this number is sure to increase.

Kath Anderson, the Assistant Commissioner of the ATO, describes the situation as follows: “Cryptocurrency operates in a virtual world, and once the scammers receive payment, it’s virtually impossible to get it back. Scammers are constantly adapting their methods to maximize their chances of picking your pocket. Unfortunately, it was inevitable that scammers would target cryptocurrency given its current popularity and anonymity.”

In attempts to decrease the likelihood of this continuing to happen, the ATO is warning taxpayers that scammers are constantly changing their methods — now looking to increase their gains using cryptocurrencies. In 2017, the ATO received almost 80,000 reports of scams and more than $2.4 million dollars were lost to scammers that claimed to be from the agency. Another strange aspect is that almost 1/3 of victims didn’t use cash or cryptocurrencies but reportedly paid their scammers in iTunes gift cards — $900,000 worth.

The ATO reiterates in its statement that phone calls that threaten with legal procedures or calling the police, are not from the ATO office. The agency also suggests that scammers will try to steal personal and private information like home addresses, first and last names, bank account numbers and other sensitive data — information the ATO won’t be calling to ask for over the phone.

“If you receive a phone call out of the blue, threatening police or legal action if you don’t pay a debt, or the person calling you is rude and aggressive, hang up, it won’t be the ATO. Any call-back number provided should be checked via an independent internet search to ensure you are calling the ATO,” reads the statement.

According to Google’s annual “trust and safety” ads report, the company will crack down on cryptocurrency-related advertising in the coming months. This move comes after Facebook announced its decision to ban cryptocurrency-related ads in January of this year. In a blog post, the internet giant said that many companies advertising binary options, cryptocurrencies, and ICOs were “not currently operating in good faith.” 

A section on Google’s website related to advertising policies and financial services specified that the search giant’s ban would cover ads for “Cryptocurrencies and related content (including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice).” Other industries up for scrutiny include rolling spot forex and financial spread betting.

Google’s decision means that even companies with legitimate cryptocurrency offerings won’t be allowed to serve ads through any of the company’s ad products, which place advertising on its own sites as well as third-party websites. Google said it took down more than 3.2 billion ads in 2017 that violated its policies, which is nearly double the 1.7 billion it removed the year before.

Convincing advertisers that the company’s ecosystem is safe and effective is critically important — Google parent company Alphabet makes roughly 84% of its total revenue from advertising. This update will go into effect in June 2018, according to a company post.

“We don’t have a crystal ball to know where the future is going to go with cryptocurrencies, but we’ve seen enough consumer harm or potential for consumer harm that it’s an area that we want to approach with extreme caution,” Google’s director of sustainable ads, Scott Spencer, told CNBC.

Jack Dorsey

These moves by Google and Facebook to ban ads for cryptocurrencies and related tech may put Twitter Chief Executive Officer Jack Dorsey in the hot seat. The founder of the social network is likely to find himself under pressure to follow the two companies and crack down on misleading ads for potentially risky products and services found on his platform

That said, there’s a bit of a problem: Dorsey has reason to resist because he is not only the CEO of Twitter, but also the CEO of Square Inc., which recently began to offer Bitcoin trading — permitting more users to utilize the cryptocurrency. Square is also (like many in the financial services industry) looking at other crypto and blockchain related investments and patents. In a research post Wednesday, Nomura-Instinet analyst Dan Dolev said that 60% of Square merchants surveyed by the firm said they were willing to accept Bitcoin as a payment. 

For Dorsey, his “Twitter hat” may push him to attempt to pacify regulators and reduce crypto-hype; but Dorsey’s “Square hat” may push him more into cryptocurrency territory, because that’s where the fintech money is. It’s worth having a look: even Dorsey’s own tweets reflect a sort of double-duty, sometimes promoting Square’s Bitcoin products, and sometimes reiterating Twitter’s commitment to civility.

It’s worth noting that Facebook and Google’s ad bans have yet to be fully watertight — they can be circumvented by misspelling words, for example. But at the very least they’re a sign the companies are in some way putting their users before ad profits. Time will tell if Dorsey and Twitter follow-suit. 


Indonesia Digital Asset Exchange, or INDODAX — the largest Indonesian cryptocurrency exchange — is set to bypass the nation’s century-old stock exchange in the number of users. According to Chief Executive Officer Oscar Darmawan, INDODAX, formerly known as, will have 1.5 million members buying and selling digital currencies like Bitcoin, Ethereum, and Ripple by the end of the year.

The platform, which went live in 2014, currently has 1.14 million users. This is in contrast to Indonesia Stock Exchange, which offers stocks, futures, and exchange-traded funds and has only 1.18 million registered participants, according to data from the Indonesia Central Securities Depository.

“We are seeing almost 3,000 new members signing up everyday,” Darmawan said. “Most people are trading in Bitcoins though transactions in Ethereum has increased significantly of late.”


As of today, the platform is undergoing a rebrand, changing its name from to the Indonesia Digital Asset Exchange or INDODAX. Darmawan said that one of the reasons for relabeling the exchange was to reaffirm the company’s position as a digital asset exchange:

“Many people recognized us as a payment system using Bitcoin. In fact, we didn’t intend to have such payment system,” Darmawan said in a press conference today at the Kempinski Hotel in Jakarta.

The exchange is currently focused on the rebranding project, and Darmawan has claimed the transaction and company structure will not be affected during the process, assuring the exchange’s users that they will not experience significant negative impacts: “We guarantee our members won’t be affected because we’re conducting the rebranding process smoothly,” he said.

That said, Oscar was reluctant to detail the process(es) involved with INDODAX legal structure during the rebranding. “We’ll release our official statement after it’s all done. The process is underway now,” he concluded.

Bank Indonesia

Earlier this year, Bank Indonesia took a firm stance against cryptocurrencies. The bank announced that it does not deem digital currencies legal tender, and urged all parties to refrain from owning, selling, or trading in them. The move highlighted the challenges currently faced by regulators across the globe as they seek to manage the potential risks associated with cryptocurrencies, but often don’t have the means to out-right ban their use. 

“Owning virtual currencies is very risky and inherently speculative,” the central bank said in the January statement. Saying, “digital tokens are prone to forming asset bubbles and tend to be used as method for money laundering and terrorism funding, so it has the potential to affect financial-system stability and harm the public.”

With INDODAX set to overtake Indonesia’s stock exchange in users, it’s not clear whether many of the country’s citizens have heeded to Bank Indonesia’s warnings. 

Today, under Chairman Rep. Bill Huizenga of Michigan, the Subcommittee on Capital Markets, Securities, & Investment held a hearing (watch it here on Youtube) entitled “Examining the Cryptocurrencies and ICO Markets.” The primary focus of the hearing was to further facilitate dialogue between crypto-industry insiders and lawmakers.

Hearing: Subcommittee on Capital Markets, Securities, & Investment

After an introduction by Chairman Huizenga, the four panellists — academic and industry insiders — read their opening remarks. The rest of the hearing saw these panellists yield questions from the subcommittee members. Members of the panel were as follows: Mike Lempres, Chief Legal and Risk Officer at Coinbase, Dr. Chris Brummer, Professor of Law at Georgetown University Law Center, Robert Rosenblum of Wilson, Sonsini, Goodrich, & Rosati, and Peter Van Valkenburgh, Director of Research at Coin Center.

The main question at hand regarding regulation in the U.S. is who’s going to do it — the SEC or CFTC — and which laws apply. Despite speaking for over two hours, the answer to this question is still not completely clear. But that said, this was the first hearing of its kind and there are to more come: Chairman Huizenga closed the day by declaring optimistically that it was more of “a hello than a goodbye.” 

The majority of the topics discussed revolved around the regulatory parameters in place in the U.S. today, and what those need to look like moving forward to accommodate the crypto space. In discussing this issue more broadly, topics such as how to deal with ICOs, the problems surrounding state and federal agency overlap, and wallet and asset security were touched on too.

Differing Viewpoints

Despite a wide array of perspectives  — with one subcommittee member going as far as calling cryptocurrencies a “crock” and inferring that crypto-enthusiasts were just unemployed men in their pajamas sitting on couches — when the dust settled, many members seemed to have similar ideas in mind: striking a balance between oversight and the accommodation of technological innovation.

Rep. Maloney, a ranking Democrat on the subcommittee from New York, announced that she is working on a cryptocurrency oversight bill that would cover exchanges that offer trading services for digital assets. And Chairman Huizenga also announced his intention to pursue some kind of legislative action, saying: “This panel, this Congress is not going to sit by idly with a lack of protection for investors.”

The issue of exactly how to balance regulation was contended. One particular standout was Minnesota’s Rep. Tom Emmer, who said, “I find myself maybe not with my colleagues on some of this.” He went on to say: “I hear elected officials who don’t have any concept of what we’re doing here … talking about ‘we have to go in and regulate.’”

“I realize there has to be some regulation, but it’s the balance,” Emmer remarked. “And I’ve heard from the panel we have regulation in place but we just need clarity.”

Emmer’s views were closely aligned with a lot of what the panellists were expressing — arguing that more clarity is needed around the regulations in place today versus the imposition of new rules on the industry. His sentiments were mirrored by Rep. Ted Budd of North Carolina, who argued that oversight in this area is something that the U.S. “has to get right.”

“Regulation in this space is something that the U.S. has to get right. Because poor or rushed policy in cryptocurrencies really threatens our reputation in finance and technology.”