Chairman Crapo: “I’m Pretty Confident We Couldn’t Succeed” In Banning Bitcoin
- Bitcoin is a global Innovation
- There is simply no capacity to kill Bitcoin
Can Bitcoin be Banned?
Apparently not! This is what the US regulators and policymakers are coming to realize.
July month might not be a good one price-wise but it has been a pretty speculator one when it comes to moving a step forward to getting regulated and being recognized as a store of value.
From US President to Treasury Secretary and Fed Chairman, Bitcoin and cryptocurrencies have been acknowledged in some way.
It further started gaining momentum when in mid-July Facebook’s Libra was grilled by the Senate. Latest on Tuesday, the U.S. Senate Committee on Banking, Housing and Urban Affairs held a hearing on cryptocurrency and blockchain technology regulation.
Bitcoin Is a Global Innovation
During the hearing, Senate Banking Committee Chairman Mike Crapo (R-ID) shared his belief that the US won’t be able to succeed in banning Bitcoin.
“If the United States were to decide — and I’m not saying that it should — 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,”
Crapo’s remarks came as a question to Jeremy Allaire, co-founder, and CEO of Circle who in his response explained cryptocurrencies like Bitcoin are 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,”
And this he says is the challenge every government in the world faces that
“digital money will move frictionlessly everywhere in the world at the speed of the internet.”
There is Simply No Capacity to Kill Bitcoin
Similar remarks have been made by U.S Rep. Patrick McHenry (R-N.C.) in the third week of the month when he said, “there is no capacity to kill bitcoin.”
“You can kill off something that is not a true open distributed ledger,”
McHenry said in reference to Facebook’s Libra.
Having said that, ban bitcoin has its share of supporters as well. Back in May, Congressman Brad Sherman (D-CA) claimed that Congress can ban bitcoin as he asked his colleagues to join in to introduce a bill to outlaw crypto purchases by Americans.
Bitcoin is a code and code is free speech, so banning bitcoin is out of the window for US policymakers.
However, centralized systems like Libra, which is not really a cryptocurrency would be much easier for governments to control.