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US Senate Knows it Cannot Ban Bitcoin

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August 1, 2019 | 

Darryn Pollock |  0 Comments| 

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In a recent hearing held by The U.S. Senate Committee on Banking, Housing and Urban Affairs the Banking Committee Chairman, Mike Crapo, admitted that banning Bitcoin in the USA would be an unsuccessful endeavor.

Bitcoin’s decentralized nature means that it is an ethereal thing to try and ban. Not only that, it is a global phenomenon and simply having jurisdiction over the US would not put a stop to the cryptocurrency.

This understanding from the Senate is still invaluable though as it means that the regulators know there is no point banning it and rather their efforts would be better placed trying to regulate it in a way that benefits the States, and the technology. 

No success

Speaking during the latest hearing to get a better cryptocurrency and blockchain regulatory framework up and going, Mike Crapo said:

“if the United States were to decide we don’t want cryptocurrency to happen in the United States and tried to ban it, I’m pretty confident we couldn’t succeed in doing that because this is a global innovation”.

This sentiment was also echoed for the defence of cryptocurrencies as  Jeremy Allaire, co-founder and CEO of global financial services company Circle said:

“I think the challenge that we all face with this is some of these cryptocurrencies — they’re literally just a piece of open-source software. There’s nothing else. It exists on the internet, it’s open-source software, anyone can implement it, it runs wherever the internet runs, and these have a monetary policy where these assets are algorithmically generated.”

“That is a challenge that every government in the world now faces — that money, digital money, will move frictionlessly everywhere in the world at the speed of the internet.”

Big decision to be made

This hearing, which followed the one of Facebook’s Libra cryptocurrency, has set a tone of uncertainty in US cryptocurrency regulations. Those who operate with such services as a little in the air now as they wait for a direction to be taken with this regulatory framework.

It is quite apparent that cryptocurrencies will not be banned in the US - especially following the latest comments - however, there is a chance their innovation could be regulated out of existence.

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