The United States Senator and representative for Idaho has confessed that it wouldn’t be all that easy to ban cryptocurrency in America, as has been indicated over the past few weeks following Donald Trump’s tweets in regards to Bitcoin recently. Mike Crapo has provided a number of positive comments on Bitcoin as he chaired the Senate Committee on Banking, housing and urban affairs cryptocurrency hearing that occurred earlier this week.
“If the United States were to decide, and I’m not saying it should, if the United States decided we didn’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 tech, a global innovation.”
Another house representative, Patrick McHenry shares a similar thought process as he has said, “there’s no capacity to kill bitcoin.”
Members of Congress are constantly thinking that bitcoin might not be as bad as it has been made out to be. Not to mention that it is almost an unstoppable force.
Speaking in his opening statement, Crapo talked about BTC in a relatively positive light as he has said that advancements in technology are inevitable and the US should start leading innovation in new tech.
“It seems to me that digital technology innovations are inevitable, could be beneficial, and I believe that the U.S. should lead in developing these innovations and what the rules of the road should be.”
The Senator went on to talk about BTC and crypto directly and indicated they hold some essential benefits.
“With the appropriate balance of regulation, digital currencies and their innovative underlying technology could provide meaningful benefits and I look forward to learning more about the ecosystem during this hearing.”
Congress just generally seem to be warming up to crypto. Speaking a hearing earlier this week, the CEO of Circle argued that better clarity from lawmakers would result in fewer crypto firms from leaving the nations:
“There is a fundamental mismatch between the regulatory structure and guidance that we have here (in the U.S.) and the nature of these digital assets. Markets around the world are adopting these, not just Bermuda but Singapore, Switzerland, even jurisdictions like France introducing…definitions of digital assets so that issuers can feel comfortable.”