United State finally opened up to finalize the regulatory frameworks on cryptocurrency on Tuesday. During the congressional hearings, Senate Banking Chairman Mike Crapo (R-ID) claims that crypto is a global innovation.
US Cannot Ban Bitcoin
The majority asserts that Bitcoin cannot be banned, no matter the decision to do so comes from the United States or any other country with more power. Implementing a ban on cryptocurrencies like Bitcoin is a catch-22. Despite years of uncertainty on how crypto & bitcoin can be regulated, Senate Banking Committee Chairman Mike Crapo (R-ID) expresses his views on Bitcoin, Facebook’s libra and cryptocurrency at large.
The session was broadcasted live on the official website and it was held by the U.S Senate Committee on Banking, Housing, and Urban Affairs. During the congressional hearing, Mr.Crapo said that, even if the US wants to ban bitcoin, it will not be able to succeed. He explains that;
“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,”
Mr.Crapo discusses David Marcus’s hearing, CEO of Calibra wallet who had earlier presented Testimony on how Facebook’s upcoming currency, Libra can work on a global level. In his opening note, Crapo positively notes that they look forward to hearing how the ecosystem has grown, what are the gaps in existing regulatory structure and how other countries are approaching this, meantime adding, how individuals have real control over their data.
U.S. Should Lead in Developing these Innovations
The statement by Mr.Crapo is as bullish as Bitcoin’s price sentiment in the year 2017. However, Crapo’s statement was a quick answer to Jeremy Allaire’s statement during the hearing.
Jeremy Allaire who is the CEO of Circle global financial service company presented the testimony as a representative of the Blockchain Association trade group. He joined hearing session along with Law professor Mehrsa Baradaran from the University of California at Irvine and Rebecca Nelson Congressional Research Service specialist.
Mr.Allaire hints on how digital money can lead countries if they adopt it sooner. He elaborates his testimony as;
“I think the challenge that we all face with this is some of these cryptocurrencies — they’re just a piece of open-source software.
Allaire continues to explain the congressional committee about the procedure Bitcoin and other cryptocurrencies follow. He says;
“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 . . . That is a challenge that every government in the world now faces — that money, digital money, will move frictionlessly everywhere in the world at the speed of the internet.”
Following Allaire’s comment, Crapo notes that digital technology innovations are inevitable and such innovations could be beneficial. In his continuous speech, Crapo asserts that the US should lead in developing these innovations.
“I believe that the U.S. should lead in developing these innovations and what the rules of the road should be,”