Bitcoin Ban Won’t Work, Cryptocurrency “Is a Global Innovation”

The U.S. Senate Committee on Banking, Housing and Urban Affairs recently held a hearing on cryptocurrency and blockchain technology regulation where they realized the extreme difficulties in actually implementing an effective cryptocurrency ban.

The Banking Committee Chairman, Mike Crapo (R-ID), said that “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”. He was eluding to the technical difficulties in banning a decentralized network that anyone is free to use and access through an internet connection. Jeremy Allaire, co-founder and CEO of global financial services company Circle, testified in response, reiterating the Senator’s intuition about a cryptocurrency ban.

“I think the challenge that we all face with this is some of these cryptocurrencies — they’re literally just a piece of open-source…