US regulators act from an excess of caution, primarily as a result of the anti-money laundering regime that was instituted after 9/11. Of course, there are some legitimate concerns that anonymous money can be used for destructive purposes -- there is no debate about that. However, blockchain and programmable money are a fundamentally new technology, in which the states may fall behind. During the internet bubble, USA was quick to embrace the change. For blockchain, it seems that the American adoption of this new technology is somewhat impeded by a legal system that is designed for security above all else, which is regrettable, but also an opportunity for non-US startups to assume leadership.