(The American Trap) is authored by Frédéric Pierucci, based on his personal experience as an executive at French company Alstom, revealing how the U.S. uses judicial tools (such as the Foreign Corrupt Practices Act) and 'long-arm jurisdiction' to attack foreign enterprises to maintain its economic and strategic interests. In fact, Pierucci was only a mid-level manager at Alstom and was unaware of the bribery to Indonesia; he is merely a victim in this trap. When facing an interview with the Chinese media, Pierucci expressed envy for Ms. Meng Wanzhou, noting that it was the first time a country had directly countered the U.S.'s rampant long-arm jurisdiction, which is ineffective against our nation.
Why should I read this book? Because our circle is currently facing issues similar to those presented in the 'American Trap'. Next, I will interpret this book from the perspective of cryptocurrency, focusing on how U.S. hegemony in the global finance and technology sectors extends into the emerging field of cryptocurrency and the similar 'traps' the cryptocurrency market may face.
1. Similarities between U.S. judicial tools and cryptocurrency market regulation
The book describes how the United States utilizes the (Foreign Corrupt Practices Act) and long-arm jurisdiction to incorporate foreign corporate executives into its judicial system, forcing companies to submit or even be acquired by U.S. firms. The core of this strategy lies in leveraging the ambiguity of laws and the flexibility of enforcement to undermine competitors. Similarly, U.S. regulation in the cryptocurrency market exhibits a similar logic. For example, lawsuits by the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) against cryptocurrency exchanges (such as Binance and Coinbase) are often based on flexible definitions of the nature of the cryptocurrency market (whether it is a security or a commodity), thereby bringing cryptocurrency enterprises worldwide under its regulatory purview. This 'long-arm' approach is akin to the judicial interventions described in the 'American Trap', aimed at weakening non-U.S.-led cryptocurrency ecosystems and maintaining the global position of the dollar and the U.S. financial system.
2. Decentralization challenges in the cryptocurrency market and U.S. control
The core concept of the cryptocurrency market (such as Bitcoin and Ethereum) is decentralization and resistance to censorship, which forms a potential conflict with the centralized control of the United States in the global economy. In the 'American Trap', the U.S. consolidates its economic hegemony by controlling key enterprises and industries (such as Alstom's energy business). In the field of cryptocurrency, the U.S. government and financial institutions also worry that decentralized currencies may undermine the dollar's status as a reserve currency. For instance, the book mentions large fines imposed on foreign companies by the U.S. (such as Siemens' $800 million fine) that bring substantial revenue to the U.S. treasury; this logic can be analogized to the fines and confiscation actions taken by the U.S. against cryptocurrency market platforms. These actions indicate that the U.S. is attempting to incorporate the free attributes of the cryptocurrency market into its controllable range through regulation and enforcement.
3. The extension of technological and commercial competition
The 'American Trap' reveals how the United States uses judicial means to assist domestic companies (such as General Electric) in defeating foreign competitors. In the cryptocurrency market, this competition manifests as the U.S. suppressing non-domestic cryptocurrency projects. For example, the U.S. imposes strict anti-money laundering (AML) and know your customer (KYC) requirements on some international cryptocurrency exchanges, indirectly weakening the competitiveness of these platforms while creating advantages for U.S.-based compliant platforms (such as Coinbase). Furthermore, the 'strategic Bitcoin reserve' plan proposed by the Trump administration indicates that the U.S. is stockpiling cryptocurrency assets, transforming them into national strategic tools, which aligns with the book's narrative of the U.S. dominating key industries.
4. The 'resistance to censorship' of the cryptocurrency market and the game of the American Trap
Pielucci questions the fairness of the U.S. judiciary in the book, suggesting that it is driven by commercial interests. Supporters of the cryptocurrency market often question the motives behind U.S. regulation, believing that its goal is to suppress a technology that could potentially disrupt the traditional financial system. The case in the book where Alstom executives were arrested for 'overseas corruption' can be compared to instances where cryptocurrency practitioners face charges for violating U.S. sanctions or anti-money laundering regulations. For example, in 2023, Binance founder Changpeng Zhao was indicted for violating U.S. anti-money laundering laws, demonstrating that the U.S. 'long-arm' enforcement against the cryptocurrency industry continues. The anonymity and cross-border nature of the cryptocurrency market make it a primary target for U.S. regulation, which is a version of the 'selective enforcement' described in the 'American Trap'.
5. Insights for the cryptocurrency market industry
The 'American Trap' warns global enterprises to be vigilant against the potential risks of U.S. judicial and economic hegemony. From the perspective of the cryptocurrency market, this book sounds the alarm for industry practitioners: under the U.S.-dominated financial system, the vision of decentralization in the cryptocurrency market may face systemic challenges. Whether through tax policies, technological interventions (such as questioning the underlying logic of Bitcoin), or direct legal actions, the U.S. has the capacity to exert pressure on the cryptocurrency market. The book suggests that enterprises strengthen compliance, which is equally applicable to cryptocurrency companies—only by deeply understanding the U.S. regulatory framework and taking preventive measures can they avoid falling into similar 'traps'.
From the perspective of the cryptocurrency market, the interpretation of the 'American Trap' reveals the astonishing similarities between the United States' strategies in traditional industrial fields and emerging digital finance: ensuring its global dominance through legal, technological, and economic means. The cryptocurrency market, as an innovation challenging the traditional financial order, may become the next 'Alstom', facing meticulously designed regulations and competitive pressures from the United States. This book not only serves as a record of a business case but also provides a profound warning for the cryptocurrency market industry: while the ideal of decentralization is beautiful, the power games in reality cannot be ignored.