July 30, US lawmakers realized that they could not ban Bitcoin. With this sad truth for them, they now have to live. According to Forbes, on Tuesday, the US Senate Committee on Banking, Housing and Urban Affairs held hearings on the regulation of cryptocurrency and blockchain technology. During these hearings, the Chairman of the Senate Banking Committee, Mike Crapo, expressed the opinion that the United States could never succeed in banning Bitcoin.
If the United States decides — and I’m not saying that this is bound to happen — if the United States decides that they don’t want to see cryptocurrency in the United States, and try to ban it, I’m sure they will fail because it’s global innovation.
This statement was made after the words of Circle finance company Jeremy Aller: “I think the problem we all face is that some of these cryptocurrencies are literally part of open source software. Nothing else. It exists on the Internet, this software is open source, everyone can implement it, it works wherever the Internet works, and it has a monetary policy, where these assets are algorithmically generated <…> This is the challenge with which every government in the world is facing now – that money, digital money, will move without friction all over the world at the speed of the Internet. ”
Opinions Allera and Crapo sound in unison with the statements of the CEO of startup Abra, Bill Bargidt, which he made at the 2019 Bitcoin conference in San Francisco.
“This is impossible,” answered Bargidt when asked how the US government could potentially try to implement the ban on bitcoin. – The government cannot stop it – the United States Supreme Court has already commented on this matter. You can’t prevent people from holding units and zeros on the device in your pocket. ”
As you know, in the United States there is a legal precedent dating back to the 90s of the last century, when the government tried to ban encryption software. According to the court decision, the computer code falls under the First Amendment on the protection of freedom of speech and has the same constitutional protection as a poem or newspaper article.
Thus, the only way to prevent bitcoin or destroy it (provided that it is not possible to prohibit it legally) can only be the creation of a more competitive monetary policy based on the financial freedom of citizens. But during our life, apparently, this will not happen.