During the hearing of the Banking Committee of the United States Senate, Senator Mike Crapo concluded: “We cannot ban Bitcoin,” it is impossible to ban. Crapo opened the hearing on a positive note for cryptocurrencies. He mentioned that although the discussions were stimulated by Libra, the ecosystem is diverse:
“It seems to me that these technologies and other digital innovations are inevitable. It could be beneficial … and I think the US should lead in their development. I look forward to finding out more about the ecosystem during this hearing. ”
US needs crypto settings
One of the conclusions agreed by all participants is that the current US banking system does not work for everyone. The high fees for basic services, such as ATMs, lack of real-time payment processing and minimum balance requirements, mean that 25% of US citizens do not have access to banking services.
Jeremy Allaire also warned that many crypto companies have opted to move to jurisdictions with clearer legislation. The specialist in international trade and finance, Dr. Rebecca M Nelson, assured the committee that crypto-positive jurisdictions do not mean lack of rules, but clarity. The risks are controlled, but the definitions are clear, while the United States has a lot of gray areas.
We cannot ban Bitcoin
Crapo also discussed the feasibility of an attempt to ban cryptocurrency in the United States:
“I’m not saying it’s the case to take such a measure but … If the United States were to decide we don’t want cryptocurrencies and tried to ban them … I’m pretty sure we can’t do that because it’s a global innovation.”
Allaire pointed out that these digital assets exist wherever the internet exists. Any prohibition could only apply to US companies trying to work in space and could not be applied to the assets themselves.
Such a move would only provide a handicap to the American economy in the long run.
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