U.S.: Legislation Realizes Bitcoin Is Harder To “Ban” Than They Thought | BTCMANAGER
Bitcoin, Blockchain & Cryptocurrency News
Despite the fears of some that regulations would be the reason why cryptocurrency falls, and the “bubble” pops, an article by Forbes published on July 30th, 2019 reports that U.S. lawmakers have finally concluded that this wouldn’t be possible.
Conclusion Made During Congressional Hearing
The realization that trying to ban bitcoin would be easier said than done was made earlier this week on Tuesday by Chairman Mike Crapo, when a hearing about crypto and blockchain was held by the U.S. Senate Committee on Banking, Housing, and Urban Affairs.
“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.“
Jeremy Allaire, CEO of Circle, said in response that bitcoin’s impact on the U.S. isn’t unique and that governments need to accept that “digital money, will move frictionlessly everywhere in the world at the speed of the internet.”
This sentiment is echoed by comments made earlier last month by Congressman Patrick McHenry, when he said “there’s no capacity to kill bitcoin” in a CNBC interview.