Cryptocurrency critics again suffered another blow as US Senators finally come to Shea that bitcoin network cannot be stopped. The belief was that governments will unanimously put a halt to crypto related activities in the US and that when this happened, it will in fact cause bitcoin and all other such digital currencies to cease to exist in any meaningful form. Some of the very strong holders of this theory are JPMorgan Chase and economist Nouriel Roubini.
In line with this reasoning, implementing a ban even if considered, may not be easy at all – seeing that bitcoin was created to actually evade all forms of regulation coming from obviously corrupt politicians and regulators anywhere in the world.
Fortunately, in a recent congressional hearing, some of the congressmen did not disappoint in the aspect of interpreting the oaf backing the bitcoin. They showed how vast they are on matters that bother on bitcoin creation, utilization and survival.
In one of such sessions, the senate chairman of the Banking Committee Mike Crapo (R-ID) buttressed this point thus:
“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,”
The statement which actually sounded as a recent discovery, was more of a question and Jeremy Allaire, who is the co-founder and CEO of global financial services company Circle gave an apt response to it. In his response, Allaire explained the new reality created by the creation of Bitcoin.
“I think the challenge that we all face with this is some of these cryptocurrencies — they’re literally just a piece of open-source software,” said Allaire. “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.”
These remarks made during Tuesday’s hearing follow comments made by U.S. Congressman Patrick McHenry (R-NC) from earlier in the month when he stated “there’s no capacity to kill Bitcoin”
We do not hurriedly forget a call for the ban of cryptocurrency by US Congressman Brad Sherman (D-CA)
While some say that the easiest way to kill the cryptocurrency would be for governments to become more competitive in terms of monetary policy and financial freedom, others back the digital innovation to surmount all these hurdles.