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Bitcoin has become too interwoven into the world for a ban to be plausible. The Crypto space began in 2009 with Bitcoins Inception. From then, this asset has given birth to an ecosystem in which mainstream players became involved with different capacities.
Common Future Trading Commission (CFTC)
Common futures trading Commission (CFTC) referred to Bitcoin as a commodity in dealing with Derivabit, a Bitcoin options trading platform, in 2015. Since there is too much precedent set in the courts, the United States may never outlaw Bitcoin. According to CFTC, Derivabit, a Coinflip company’s product, was not a complaint with the governing body at the time.
Chief Executive Officer of Gemini says
Although the US government has increased watch on the Crypto during recent years, its outright ban is unlikely now, according to Tyler Winklevoss, Gemini CEO and Co-founder. Gemini is a trusted New York company. The Department of financial services, New York, regulates it. If a Bitcoin ban takes place, so much would have to be undone.
The regulatory talk also continued moving further to provide and enforce the guidelines since they are related to the Crypto. Additionally, Winklevoss stated the regulators as stakeholders. Though they have well been of consumers and companies in mind, some may hold Bitcoin and see it as valuable.
He also notes that all the Crypto industry leaders are finding their way to the government positions. This condition might be the same for the United Kingdom and Europe. In Singapore, Bitcoin is in a licensing process with the Monetary Authority of Singapore (MAS), their top regulator.
Every jurisdiction with a free and open market believes in capitalism believes that bitcoin and Crypto are an opportunity more than a threat. Finally, he pointed out that stopping Bitcoin would essentially need to put significant restrictions on the internet as a whole. The conditions would affect other aspects of the economy.