In recent years, the U.S. government has increasingly scrutinized cryptocurrencies, but a complete ban on bitcoin is now unlikely – at least according to Tyler Winklevoss, CEO and co-founder of Gemini.
I think if we went back to 2013, it would be an open question, Winklevoss told podcaster Peter McCormack when asked about regulation and banning of bitcoin (BTC) in Friday’s episode of the podcast What Bitcoin Did:
I don’t think the US will ever ban bitcoin. Too many precedents have been set by the courts. The Coinflip order, an enforcement action by the CFTC [Commodity Futures Trading Commission] that was upheld by the courts, treated bitcoin as a commodity similar to gold.
In 2015, the CFTC designated BTC as a commodity in the process with Derivabit, a BTC options trading platform. According to the CFTC, Derivabit’s product, called Coinflip, did not meet the regulator’s requirements at the time.
We are a New York trust company regulated by the New York Department of Financial Services, Winklevoss continued, referring to Gemini. So many things need to be lifted, he said of the bitcoin ban, adding:
You’re talking about companies making careers, building the economy, some going public. They become the engine of the stock market. Reversal is so unlikely for me. Of course, it’s not 0%, but it could be.
The crypto space as we know it today began in 2009 with the creation of bitcoin. Since then, this asset has given birth to an entire ecosystem and key players are involved in it in various capacities. Regulatory discussions on the development and application of cryptographic guidelines also continued.
Winklevoss also mentioned regulators as stakeholders. They have the welfare of businesses and consumers in mind, but some of them may also own TCBs and consider them valuable. He also highlighted the trend of executives in the cryptocurrency industry finding their way into public service.
I think there are so many people in the U.S. who believe in it that I think the chances are almost zero percent that it will fail for one reason or another, he said, adding:
I think the same is true for the UK and Europe. In Singapore, we are in the process of obtaining a licence from the MAS [Monetary Authority of Singapore], the country’s main regulator. They accept it. All jurisdictions that are free and open markets and believe in capitalism believe in Bitcoin, believe in crypto, and I think it’s an opportunity, not a threat.
He also pointed out that shutting down bitcoin would essentially mean subjecting the Internet as a whole to significant restrictions, which would affect other economic aspects.
As for cryptocurrency executives running for public office, the Financial Crimes Enforcement Network recently selected a former Chainalysis executive as its new deputy director.
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