Us regulation faces virtual currency challenge

1. bitcoin has been regulated by the US government in the United States. The US Commodity Futures Trading Commission (CFTC) recently released a document saying that bitcoin and other virtual currencies are reasonably defined as commodities, just like crude oil or wheat. This means that bitcoin futures and options are subject to CFTC regulations and regulation. It is necessary to apply for a license to carry out bitcoin related business in New York State, otherwise it will be considered illegal. In California, the attitude of bitcoin and other virtual currencies is relatively friendly, but they need to be registered

in the United States, it is legal as long as we do not use virtual currency to carry out illegal activities. Fuyuan coin is registered in the United States, and treasure coin is also registered in the United States. However, according to relevant media reports, the Chinese Americans represented by Liu Longzhu are targeting an enterprise called Regal group. On September 29, the Chinese company in Los Angeles was seized. The company was accused of using a virtual currency called "treasure coin" to cheat investors by pyramid selling, and Jiang Kun's photo became their propaganda material. In mainland China, there are still people peddling "precious coins", but the peddler did not mention Jiang Kun to mainland buyers.

2. Reason: with the rapid development of information technology, real money is far from meeting people's demand for capital flow. If there are enough people to recognize the value of a virtual currency, it may become a substitute unit of material exchange, and the existence of virtual currency will inevitably cause another upsurge in the financial sector
in view of the possible risks of virtual currency, many international organizations and central banks have responded publicly to the supervision of virtual currency system. These responses can be roughly divided into four categories: warning and risk warning, supervision and registration permission, legislative norms, and explicit prohibition
(1) warning and risk warning
some central banks and regulators have issued risk warnings against the special currency and virtual currency system. The federal financial regulatory authority of Germany, the Bank of France, the central banks of the Netherlands and Belgium have issued public warnings against the possible money laundering and terrorist financing caused by the use of bitcoin. In the report released at the end of 2013, the European Banking authority (EBA) warned consumers of many risks of virtual currency, such as exchange loss, e-wallet theft, unprotected payment, price fluctuation and so on. Although Spain did not have a similar risk warning, it issued a timely information announcement related to virtual currency
(2) supervision and registration license
generally speaking, international organizations believe that the supervision of virtual currency should find a balance between risk prevention and innovation promotion. Since 2012, Sweden has required transactions related to virtual currency to be registered with financial regulators. Other countries pay attention to qualification supervision, so as to make it indirectly meet the requirements of prudential supervision. In other countries, the regulation mainly focuses on the business model of virtual currency transaction. The financial prudential regulatory authority of France regards the provision of bitcoin circulation and trading services and the act of earning funds in the process as a payment service and requires the authorization of the government. In addition, some countries focus on the intermediary institutions related to virtual currency. The German federal financial regulatory agency and Danish regulators believe that the provision of intermediary services for virtual currency needs to be authorized< (3) legislative norms
at present, some countries have proposed legislation to regulate virtual currency transactions. Canada plans to legislate to allow the government to supervise the transaction of bitcoin, and to include the transaction of more than US $10000 into the scope of suspicious supervision. The United States hopes to adjust the relevant legal structure should be compared with the development of the special currency. In order to make the Bank Secrecy Act (BSA) applicable in the context of network, the financial crime enforcement network (FinCEN) of the U.S. Department of the Treasury issued the explanatory guidance on the behavior and subject definition of private generation, holding, distribution, trading, acceptance and transmission of virtual currency in 2013. The European central bank stressed that it should strengthen international cooperation under the existing legal framework, and regulate virtual currency from the European and global level under the existing legal framework. More countries believe that bitcoin is not a currency in circulation, has no legal status, and does not meet the definition of financial instruments, such as Finland, Sweden, Malaysia and Indonesia
(4) it is forbidden
in some countries, bitcoin related transactions are prohibited. In December 2013, the people's Bank of China banned financial institutions from trading in bitcoin, which was subsequently extended to payment service providers. The central banks of Thailand and Indonesia share the same attitude. The circulation of anonymous internet currency (including bitcoin) is prohibited by the Russian judicial inspection department as a substitute for currency. The Central Bank of Russia has earlier included the provision of bitcoin services in the scope of suspicious transaction monitoring. The U.S. Securities and Exchange Commission (SEC) has banned the issue of unregistered shares in exchange for bitcoin, and unregistered online securities trading activities in virtual currency.

3. The difference lies in the fact that some foreign countries are particularly strict in this kind of supervision, while others are particularly loose. In terms of domestic supervision, it is relatively perfect.

4.

It is difficult to avoid the typical risks related to the payment system. In a specific virtual community, virtual currency payment activities have evolved into a "real" payment system, facing the typical risks related to the payment system: credit risk, liquidity risk, operational risk and legal risk. The nature, scale and ration of these risks largely depend on the design of the system or the degree of lack of liquidity. It is difficult for the network virtual currency scheme to avoid or control these risks. According to the core principles of important payment system (CP) issued by the bank for International Settlements (BIS), the network virtual currency scheme does not conform to most of the contents of CP, and does not belong to the systemically important payment system. Therefore, it will not cause or transmit shocks to the global financial system. At present, there is no systematic risk in the network currency system outside these virtual communities

2. Lack of corresponding supervision and protection mechanism

in the real economy, the central bank plays the role of lender of last resort and there is no default risk, so it can take actions in the case of payment crisis or unpredictable liquidity shortage to avoid chain reaction. In the network virtual currency scheme, network currency is not the settlement asset. Because network currency simply depends on the credibility of the issuer, it can not be widely accepted as a means of payment, so network currency can not be regarded as a safe currency. In addition, commercial banks are required to accept prudential supervision, which reces the possibility of default. The security of money in commercial bank accounts is higher than that of network currency. A fundamental risk of network currency is that the settlement institution of network currency scheme is not subject to any supervision, no institution is responsible for its behavior, and there is no investor / depositor protection mechanism, which causes the user to bear all the risks

(4) risk of absence of supervision generally speaking, supervision lags behind the development of science and technology. The network virtual currency program was established in the late 1990s, but it was not until 2006 that some government agencies in the United States began to analyze these programs. Due to the lack of supervision and the anonymity, invisibility and difficulty in tracking of its transactions, the network virtual currency scheme is easily used by terrorist activities, fraud, money laundering and other illegal activities. At present, many government departments in many countries are considering whether to recognize or legalize these virtual schemes and bring them into the scope of supervision, so as to support the innovation of currency and payment forms, protect consumers' rights and interests and financial stability, and restrain the use of virtual currency schemes to engage in criminal activities. At present, the uncertainty of the legal status of the virtual currency scheme may also bring challenges to the government authorities

The reputation of Monetary Authority (central bank) is the key factor to determine the effectiveness of its policies, especially monetary policy. The public's trust in fiat money is closely related to the image of the central bank, which pays close attention to its reputation. The ECB will define reputation risk as the risk of deterioration of reputation, credit or public image. As the network currency scheme is related to money and payment, it is generally believed that it belongs to the responsibility of the central bank, so it is necessary to guard against the reputation risk it may bring to the central bank. Although in the case of small scale, the impact of the failure of the network currency scheme is limited, its high volatility and instability also increase the possibility of failure and attract extensive media coverage. If the network currency is allowed to develop continuously without regulation, the central bank may be regarded as dereliction of ty and affect its reputation

Compared with the exchange value, the public has a higher recognition of the investment value of network virtual currency, and it is the transaction based on investment that accelerates the formation of virtual currency market. Like other investment markets, the participants of virtual money market will also face the potential losses caused by market risk, credit risk and policy risk. Take the bitcoin as an example: from 2009 to the beginning of 2010, bitcoin was worthless; In the summer of 2010, bitcoin trading began to enter the golden age. Because the supply was far less than the demand, the value of online trading began to rise. In early November, bitcoin was silent at 29 cents for many days, and then jumped to 36 cents; In February 2011, the bitcoin continued to appreciate, and its exchange rate with the US dollar reached 1:1; In 2013, the bitcoin price achieved a "Big Bang" growth, and hit US $1242 on November 29, 2013, exceeding the gold price of US $1241.98/oz in the same period. Fierce price fluctuations make market participants face huge speculative risks

unlike mature capital markets such as stocks and bonds, bitcoin market is not deep enough, and it is mainly held in the hands of large investors with low degree of diversification. Bitcoin price is easily affected by large investors' trading behavior and controlled by speculators. At the same time, different countries have different attitudes towards bitcoin. Germany, the United States and other countries hold an open and supportive attitude. Thailand, Brazil and other countries regard bitcoin related activities as illegal. Every country's attitude and measures will have a significant impact on its price, especially in the short term

5. Australia
in October 2013, bitcoin Bank of Australia was attacked by hackers, with a loss value of more than US $1 million. This incident has aroused the concern of bitcoin security in Australia. The Reserve Bank of Australia and the Australian tax office have said they want a virtual currency tax like a business transfer tax
Bangladesh
the Central Bank of Bangladesh banned the use of virtual currency in September 2014. Using bitcoin will be punished by law
Brazil
Brazil is one of the few countries in the world that has enacted laws related to electronic currency payment systems. Brazil has not banned bitcoin
Bolivia
for regulatory reasons, the Central Bank of Bolivia (BCB) has banned the use of bitcoin. BCB believes cryptocurrency will help business entities evade taxes
Canada
bitcoin is not considered legal, that is, bitcoin is not recognized by Canadian law. Canada's tax authorities plan to implement the same tax plan as barter trade and speculative trading for the bitcoin
China
China is one of the few countries in the world that ban bitcoin completely and prohibit financial institutions and banks from dealing with bitcoin transactions. In December 2013, the people's Bank of China issued a notice calling bitcoin & quot; Virtual goods;, And prevent it from becoming money
trading has been suspended
Ecuador has banned bitcoin, but it has chosen to set up a new state-owned electronic currency and monetary system, and the currency will be protected by the assets of the Central Bank of Ecuador
EU
at present, the EU still has different views on the classification of bitcoin. In October 2012, the European Central Bank's report on virtual currency concerns the legality of bitcoin under the EU legal framework. The European Banking Regulatory Authority issued a bitcoin risk warning, saying that the use of bitcoin has not been restricted at present
Finland
Finland has relevant regulations for the use of virtual currencies such as bitcoin. The relevant regulations are issued by the Finnish tax authority Vero skatt. Any gains arising from bitcoin transactions will be subject to capital gains tax
Hong Kong
Hong Kong has no regulations for bitcoin or any other virtual currency. However, the government is closely monitoring the use of bitcoin to prohibit money laundering, fraud and other illegal activities
India
India does not explicitly stipulate or prohibit the use of bitcoin. However, the Reserve Bank of India (RBI), equivalent to the Central Bank of India, has been forced to shut down India's largest bitcoin trading platform after it issued a notice that the use of bitcoin could cause money laundering and security problems
Israel
the Israeli tax authority is considering levying income tax on bitcoin transactions. Israeli banks even blackmail bitcoin payments
Kyrgyz
Kyrgyz central bank has banned the use of digital currency and bitcoin for the reasons of lack of centralized management, high currency risk and legal problems
Russia
the Central Bank of Russia believes that bitcoin may be used for money laundering and terrorist financing. Therefore, the Russian government banned the use of bitcoin
Taiwan
Taiwan's financial supervision commission is concerned about the uncertainty and speculation of bitcoin, so Taiwan opposes the installation of bitcoin ATM
UK
at present, there are no relevant regulations for the bitcoin. Profits or losses from bitcoin transactions are subject to capital gains tax, while the purchase of bitcoin is still subject to VAT
the U.S.
the U.S. is probably the most supportive country for virtual currencies such as bitcoin. There are no final rules on bitcoin. However, there are also many new rules for the establishment of bitcoin management framework.

6. There are mines in many caves. Sometimes the bare stones on the mountain, as long as they have luster and spots, are also mines, and most of them are in the caves. Can network ancient scroll 5 cave at a glance, there are pictures
there is a pickaxe in the bag. Press e to the ore, or press the left button to the ore with a pickaxe in hand to get daylight twice
when enchanting and dismantling enchanted weapons / equipment, the enchantment level will also increase. The leather belt made of excavated iron ore and the monster's fallen skin will be used to make daggers, and then the enchantment will sell for money. The most valuable thing is to dispel affixes.

7. Regulators talk about the supervision of virtual currency again. Why should virtual currency be supervised< p> Recently, the regulatory authorities reiterated their views on virtual currency, and then strengthened the supervision of virtual currency. This argument has attracted a lot of people's attention on the Internet. For a long time, virtual currency has been repeatedly banned on the Internet, which has caused many governments to have a headache. For example, bitcoin, which has been popular on the Internet before, has been admired by many people, and many people spend their time on it; Mining & quot; In recent years, the infatuation for bitcoin has reached a fanatical level. Recently, I believe many people have heard of dogcoin. As a similar proct of blockchain, dogcoin is a kind of virtual currency like bitcoin, which has set off a huge wave for people's social life

In addition, virtual currency has led many people to inlge in it and reced their enthusiasm for life. Therefore, many people waste their time and it is very unwise to waste their time in this kind of virtual data. Therefore, we should spontaneously boycott the virtual currency and contribute to the maintenance of the world monetary system

8. In order to analyze the similarities and differences between the financial regulatory systems of the United States and China, we must first understand the characteristics of the financial regulatory systems of the United States and China, and then make a detailed and reasonable explanation
at noon on June 17, 2009, the U.S. government officially announced the; Great Depression & quot; The most thorough comprehensive financial regulatory reform program in the world is called the reform of American financial regulatory system; White paper & quot;. The reform blueprint and the latest white paper will be analyzed below
(1) the main contents of the blueprint for reform
"blueprint for modernization" puts forward suggestions from the short, medium and long term respectively, among which the long-term suggestions put forward the new concept of target regulation, in order to establish a three pillar regulatory system of market stability regulation, Prudential Regulation and financial market business behavior regulation, and ensure the core position of the United States in the global financial market
1. Short term proposals aimed at empowering and strengthening coordination. The short-term suggestions are mainly aimed at the current turmoil in the credit and housing mortgage markets. It is suggested that measures should be taken to strengthen the cooperation of regulatory authorities and market supervision, so as to promote the stability of the financial market and strengthen consumer protection. The specific contents include: first, improving the efficiency of the president's financial market working group (PWG) as the coordinator of financial regulatory policy. The office of the Comptroller of currency (OCC), the Federal Deposit Insurance Corporation (FDIC) and the office of savings supervision (OTS) will be included in PWG to expand its lineup as new members, and expand PWG's focus from the financial market to the whole financial system. Second, the federal mortgage origination committee should be set up to strengthen the supervision of housing mortgage loans and supervise the management of mortgage loans in various states, so as to change the current situation that many such brokers leave the federal supervision. Third, grant the Federal Reserve more rights to know and review. The Federal Reserve is granted the right to obtain more information or conct on-the-spot review from all participants in the financial system (including commercial banks and non-commercial banks) who borrow emergency liquidity to assess the liquidity of financial institutions and the impact of related activities on the overall financial stability
2. Medium term proposals for partial integration of regulators. On the basis of the short-term proposals, the blueprint puts forward some medium-term proposals to rece the overlapping of U.S. regulation and improve the effectiveness of financial regulation, some of which can be implemented as soon as possible under the existing regulatory framework. Specifically, it includes five aspects: first, it is suggested that the Federal Savings agency license should be cancelled and incorporated into the national bank license system, which should be completed within two years; The original functions of the savings administration are to be performed by the currency audit office, which has the power to supervise banks all over the country. Second, in view of the current situation that the state registered FDIC banks are subject to the al supervision of the state and the federal government, it is proposed to transfer the state registered banks to the Federal Reserve or the Federal Deposit Insurance Company for supervision. Third, in the supervision of payment and clearing systems, the federal franchise and federal priority of important payment and clearing systems should be established. The Federal Reserve has the main responsibility of supervising such systems, and has the important right of free decision and the power to formulate relevant mandatory standards. Fourth, the insurance instry has always been supervised by the state regulatory authorities. The federal government only regulates the insurance business, but rarely supervises it. As a result, American International Group (AIG), an American insurance giant, is on the verge of bankruptcy because of its creation and holding of CDs. Fifthly, the Commodity Futures Trade Commission and the securities and Exchange Commission should be merged, and the securities and Exchange Commission should supervise the securities and futures instry in a unified way, so as to improve the inefficient supervision of the securities and futures instry
3. Long term suggestions for the purpose of establishing a targeted regulatory model. The blueprint suggests: first, the Federal Reserve should perform the responsibility of market stability regulator, whose goal is to ensure the stability of the financial market and focus on controlling systemic risks. Second, we should set up a Prudential financial regulator to integrate banking supervision power, and put the daily banking supervision affairs currently in the charge of five federal agencies under the unified responsibility of the financial Prudential regulator. Its supervision focuses on the daily business operation of financial institutions guaranteed by the government, monitoring their capital adequacy, investment restrictions, activity restrictions and other matters, and concting necessary on-site inspection. Third, a new business compact regulator should be set up to be responsible for the supervision of business conct and protect the rights and interests of investors and consumers (mainly the main functions of the existing commodity futures trading commission, the securities and Exchange Commission and part of the functions of banking regulators). In addition, there are federal insurance guarantors and corporate finance regulators
from this point of view, the blueprint reorganizes and classifies the current multi functional regulatory system, realizes the close combination of three regulatory objectives and three levels of regulatory agencies, aims to improve regulatory efficiency, maintain financial stability, better protect the rights and interests of investors and consumers, and improve the competitiveness of the United States in the global capital market. Moreover, through the introction of the blueprint, we can also see that the reform of the blueprint is to improve the supervision rather than simply increase the supervision and intervention. It does not give up the idea of fully relying on market discipline, but to rebalance the relationship between supervision and market in the context of new financial market development
(2) the latest achievements in the reform of financial supervision system: & quot; White paper & quot
at noon on June 17, 2009, the U.S. government officially announced the; Great Depression & quot; The most thorough comprehensive financial regulatory reform program in the world is called the reform of American financial regulatory system; White paper & quot;. The 88 page reform plan covers almost all aspects of the U.S. financial sector, from stricter consumer protection policies to stricter regulatory rules for financial procts. The plan puts financial procts and financial institutions that are currently out of regulation under the control of the federal government. The purpose of the reform is to comprehensively repair the existing financial regulatory system in the United States and prevent the recurrence of similar current crisis
first, strengthen the supervision of financial institutions. The white paper points out that all financial institutions that may bring serious risks to the financial system must be strictly regulated. To this end, the government will implement the following six reforms: the establishment of a Financial Services Regulatory Commission led by the US Treasury Department to monitor systemic risks; Strengthen the power of the Federal Reserve, empower the Federal Reserve to solve the problem of risk accumulation that threatens the whole system, and expand the scope of supervision to all enterprises that may pose a threat to financial stability. In addition to bank holding companies, hedge funds and insurance companies will also be included in the supervision of the Federal Reserve; More stringent capital and other standards will be set for financial enterprises, and higher standards will be set for large and highly related enterprises. The Federal Reserve has the final decision-making power in terms of bank capital requirements, and the power to monitor the executive compensation of these companies and the financial market trading system will be included in the scope of the Federal Reserve; Set up a national banking regulator to supervise all federally licensed banks; Abolish the savings administration and other institutions that may lead to regulatory loopholes, so as to avoid some savings absorbing institutions from evading regulation; Hedge funds and other private equity institutions need to be registered with the securities and Exchange Commission
secondly, we should establish a comprehensive supervision of the financial market. The white paper suggests: strengthen the supervision of the securitization market, including increasing market transparency, strengthening the management of credit rating agencies, and the creators and issuers should bear certain risk responsibilities in the relevant credit securitization procts. We will comprehensively regulate the OTC trading of financial derivatives, extend the scope of federal supervision to the gray area of financial market supervision, and place the trading of complex derivatives and mortgage-backed securities under supervision, among which strengthening the supervision of hedge funds and OTC is the most typical. It gives the federal reserve the power to supervise the payment, settlement and clearing systems of financial markets
thirdly, consumers and investors should be protected from financial misconct. The white paper points out that in order to rebuild confidence in the financial market, strict and coordinated supervision of consumer financial services and investment markets is needed. The government must promote this market to be transparent, simple, fair, responsible and open. To this end, the white paper suggests that a consumer financial protection bureau should be established to protect consumers from unfair and fraulent behaviors in the financial system, strengthen supervision on financial procts and services of consumers and investors, and promote transparency, fairness and rationality of these procts. Improve the instry standards of consumer financial procts and service providers, promote fair competition, and protect the interests of consumers of mortgage loans, credit cards and other financial procts
Fourth, give the government the necessary policy tools to deal with the financial crisis, so as to avoid the dilemma of whether the government should rescue the enterprises in difficulty or let them go bankrupt. We should establish a new mechanism so that the government can decide how to deal with the non bank financial institutions that are in crisis and may bring systemic risks. The government has the right to take over and split those large financial companies that are in trouble, so as to avoid the collapse of indivials that will endanger the overall economy. This is exactly what the government lacked in the most serious period of the financial crisis last year. And the Federal Reserve needs permission from the Treasury Department before it can provide emergency financial assistance to businesses
fifth, establish international regulatory standards and promote international cooperation. Therefore, the white paper proposes to reform the enterprise capital framework, strengthen the supervision of international financial market, strengthen the cooperation supervision of multinational enterprises, and coordinate the policies of various countries, so as to create a compatible regulatory framework and strengthen the international crisis response capacity. Specific measures include the development of similar regulatory provisions on credit derivatives, the signing of cross-border agreements on the supervision of large multinational financial institutions, and better cooperation with overseas regulatory agencies
the financial regulatory reform plan considers the financial instry as a whole for the first time, which is the largest financial regulatory reform in the United States since the 1930s. However, it is worth noting that the reform plan is compared with the blueprint for the reform of modern financial regulatory framework announced by US Treasury Secretary Paulson on March 31, 2008; White paper & quot; It continued the spirit of the blueprint for the reform of modern financial regulatory framework, greatly expanded the power of the Federal Reserve, brought banks and hedge funds into the scope of the Federal Reserve's supervision, and abolished the federal agency, the savings administration, which is used to supervise savings and loans. However, it also shrank to a certain extent. For example, the government initially planned to integrate regulatory agencies and set up a single agency to supervise the banking instry, But in the end, it chose to strengthen the power of the Federal Reserve within the existing structure
in short, through the above analysis of the contents and reasons of the reform of the U.S. financial system, we can see that the U.S. has begun to move forward from the current multi functional regulatory model to the targeted regulatory model with more centralized regulators. The path and thinking of this reform can be said to fully conform to the development trend of international financial supervision, that is, the trend of centralized supervision< (3) evaluation and analysis of the target regulatory model in the reform blueprint -- compared with the functional regulatory model
in 1999, the passage of the Financial Services Modernization Act of the United States completely ended the separate operation of banking, securities and insurance, marking the beginning of the mixed operation in the United States. Correspondingly, the U.S. gold

9. Trump's economic policy has the following aspects: first, monetary policy. To achieve price stability and full employment through the implementation of monetary policy are the two major responsibilities of the Federal Reserve. At the same time, it also has to monitor the risks of the financial system. The second is the tax policy, which is to rece taxes vigorously. Third, international trade policy. Strongly opposed to free trade, saying that the U.S. economy will therefore regress. He called the North American Free Trade Agreement (TPP) & quot; The biggest theft in history;, He said the TPP was a total disaster, driven by a group of special interests who wanted to plunder the United States. Fourth, financial regulation, which trump believes should be relaxed. The fifth is social security and medical insurance, which advocates protecting the social welfare of Americans without stifling medical insurance. Sixth, national debt. Trump believes that someone needs to solve the $19 trillion debt. Seventh, infrastructure construction. Trump proposed a massive infrastructure investment plan, promising voters trillions of dollars to rebuild roads, airports, bridges, drainage systems and power grids
Trump's economic policy proposition is aimed at different challenges facing the United States: first, monetary policy, the negative impact of the Fed's low interest rate policy, such as asset price bubbles and false prosperity of the stock market. Second, in terms of Taxation, big government leads to the challenge of big expenditure. Therefore, we advocate small government, that is, to stimulate the economy by recing taxes and government regulation, so as to achieve fiscal balance under low tax rate after the cake is bigger. Third, in terms of trade policy, free trade challenges the U.S. economy; Fourth, financial supervision, e to the financial crisis is too strict, seriously hindered the American people from bank loans. The fifth is the challenge of the social security situation. By 2020, the expenditure on social security and health care in the United States will be significantly beyond the plan. The two programs accounted for about 41% of total federal government spending last year, up from 36% in 2011. In the next 20 years, this proportion will increase with the aging of baby boomers and the increase of retirement rate. Sixth, the challenge of national debt. The federal government's budget deficit soared after the 2008 financial crisis e to the sharp drop in tax revenue and the government's increased stimulus spending on consumption. While last year's deficit fell to its lowest level since 2007, the size of government debt has doubled to about 75% of GDP. Seventh, the challenge of backward infrastructure. Trump thinks that some airports in the United States are simply & quot; Shame & quot;, Americans waste incalculable time every day because of heavy traffic.