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US Regulators Seemingly Realized Bitcoin/Blockchain Cannot be Banned Successfully

US Regulators Seemingly Realized Bitcoin:Blockchain Cannot be Banned Successfully

Since its inception, there have been many people who want Bitcoin (BTC) to be completely banned, for their own personal reasons. US lawmakers have seemingly begun to understand and accept the fact that banning Bitcoin is practically impossible, and banning Bitcoin in the US, would only hurt the US.

On Tuesday 30th July, there was a hearing on blockchain technology and cryptocurrency regulations held by the United States Senate Banking, Housing, and Urban Affairs Committee. Through this hearing, (R-ID) Mike Crapo, the Chairman of the Senate Banking Committee, voiced his beliefs saying that the US wouldn’t be capable of banning Bitcoin successfully. Crapo said that if the US decided that they didn’t want crypto and tried banning it, he’s quite confident that they could not be successful in doing so given the global nature of the invention.

Jeremy Allaire, the CEO, and co-founder of Circle which is into financial services globally expressed that the challenge they face with regards to this is the fact that some of the digital currencies are literally open-source software and nothing else. It’s easy for anyone with the internet to implement it as it exists and runs on the internet. Moreover, these are generated algorithmically. So for the governments around the world, the challenge is that this digital money can frictionlessly move anywhere around the globe ‘at the speed of the internet’.

Prior to this, another Congressman of the US, Patrick McHenry (R-NC) had shared similar thoughts in the previous month. He had remarked during his CNBC interview that there is no potentiality to kill BTC. Bill Barhydt, Abra CEO, also opined that banning Bitcoin could be tough legally for the US government.

What do you think?

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