United States of America
The world's largest economy and innovation engine—but can a polarized nation with regulatory chaos become a coherent crypto jurisdiction?
Big Questions
- Will state-level competition (Wyoming, Texas, Florida) create regulatory arbitrage that benefits builders, or will federal uncertainty crush innovation?
- Can American entrepreneurial culture overcome political dysfunction to maintain technology leadership?
- Is the dollar's reserve currency status an asset or liability in a crypto future?
Scoreboard
| Category | Perspective | Potential |
|---|---|---|
| Culture | Entrepreneurial, individualist, polarized | High - hustle culture enables moonshots |
| Know-How | Tech, finance, entertainment, military-industrial | High - unmatched innovation ecosystem |
| Resources (Ownership) | Deep capital markets, VC dominance, inequality | High - more capital than anywhere |
| Finances | No federal crypto clarity, state variation, high tax | Medium - regulatory chaos is risk |
| Regulation | Common law, fragmented, SEC/CFTC turf wars | Low - Gensler era hostility, improving under Trump |
Potential
The US remains the world's innovation engine—Silicon Valley, Wall Street, and military R&D create unmatched capability. The challenge: political dysfunction and regulatory fragmentation undermine execution.
- Tech Giants: Apple, Google, Microsoft, Amazon, Meta
- Crypto Native: Coinbase, Circle, Ripple, Solana Labs
- VC Ecosystem: a]16z, Paradigm, Polychain, Multicoin
- Financial Infrastructure: NYSE, NASDAQ, CME, clearing systems
Strategic Opportunities
- Solana Ecosystem: US-based, regulatory clarity improving
- DePIN Networks: Helium, Hivemapper, DIMO all US-founded
- RWA Tokenization: Blackrock, Franklin Templeton entering
- Bitcoin ETFs: Institutional adoption accelerating
Technology
Crypto & Blockchain
The largest crypto market despite regulatory hostility:
- Exchanges: Coinbase, Kraken, Gemini
- Stablecoins: Circle (USDC), Paxos
- L1s: Solana, Aptos, Sui (all US-founded)
- DeFi: Uniswap, Aave, Compound (US teams)
- DePIN: Helium, Hivemapper, GEODNET
Tax Treatment:
- Crypto treated as property
- Capital gains on disposal (short-term vs long-term rates)
- Mining/staking as income
- IRS Guidance
State Variation:
| State | Approach | Notes |
|---|---|---|
| Wyoming | Pro-crypto | DAO LLC, bank charters |
| Texas | Pro-mining | Energy abundance, no income tax |
| Florida | Friendly | DeSantis pro-Bitcoin |
| New York | Hostile | BitLicense regime |
| California | Mixed | Tech hub but regulatory |
AI Development
Undisputed AI leader:
- OpenAI: ChatGPT, GPT-4
- Anthropic: Claude (us)
- Google DeepMind: Gemini
- Meta AI: LLaMA open models
- xAI: Elon Musk's venture
Economy
Cost of Living
| Category | San Francisco | Austin | Miami |
|---|---|---|---|
| Rent (1BR) | $3,000-4,500/mo | $1,500-2,200/mo | $2,000-3,000/mo |
| Meal out | $20-40 | $15-30 | $18-35 |
| Transport | BART + Uber | Car essential | Car essential |
Tax Considerations
- Federal income: 10-37%
- State income: 0-13.3% (varies wildly)
- Capital gains: 0-20% (long-term), income rate (short-term)
- No VAT (sales tax varies by state)
- Estate tax: Federal + some states
No state income tax: Wyoming, Texas, Florida, Nevada, Washington, Tennessee, South Dakota
Residency & Immigration
Visa Options
- H-1B: Skilled worker (lottery system, employer-sponsored)
- O-1: Extraordinary ability in science, arts, business
- L-1: Intracompany transfer
- E-2: Treaty investor (requires treaty country citizenship)
- EB-5: Investment green card ($800K-$1M investment)
Integration Challenges
- Visa system: Broken, lottery-based, years of uncertainty
- Healthcare costs: Can bankrupt without insurance
- Car dependency: Most cities require driving
- Cultural polarization: Tribal politics exhausting
Quality of Life
Healthcare
Expensive, high-quality at top tier:
- No universal coverage
- Employer-linked insurance typical
- World-class if you can pay
- Medical bankruptcy is real
Safety
Varies dramatically by location:
- Gun violence higher than peer nations
- Safe suburbs, dangerous urban pockets
- Strong rule of law (mostly)
- Stable democracy (tested recently)
Challenges
Regulatory Fragmentation
- SEC vs CFTC turf wars
- State vs federal jurisdiction unclear
- Regulation by enforcement under Gensler
- Banking derisking (Operation Chokepoint 2.0)
Political Dysfunction
- Polarization prevents coherent policy
- Debt ceiling games
- Election uncertainty
- Culture wars distract from building
Inequality
- Winner-take-all economics
- Healthcare tied to employment
- Education costs crushing
- Housing unaffordable in tech hubs
Opportunities
For Builders
- Unmatched capital access: VC ecosystem still dominant
- Talent pool: Best universities, global magnet
- Market size: 330M consumers, reserve currency
- State arbitrage: Choose your regulatory environment
For Investors
- Public markets: Most liquid globally
- VC ecosystem: Early access to innovation
- Bitcoin ETFs: Institutional on-ramps
- RWA infrastructure: Blackrock, JPMorgan entering
Innovators to Watch
| Role | Contact |
|---|---|
| Policy | Caitlin Long (Custodia Bank, Wyoming) |
| Protocol | Anatoly Yakovenko (Solana) |
| VC | Chris Dixon (a16z crypto) |
| DePIN | Amir Haleem (Helium) |
Summary
The USA offers unmatched capital, talent, and market access—but regulatory chaos and political dysfunction create significant friction. State-level arbitrage (Wyoming, Texas) provides optionality. The 2024 election may shift the regulatory landscape significantly.
Best for: Well-capitalized builders who can navigate complexity, those with existing visa status, investors seeking liquidity.
Watch for: 2024 election impact on SEC, state-level innovation (Wyoming, Texas), institutional crypto adoption.