U.S. Wants to Ban Cryptocurrencies?

U.S. Wants to Ban Cryptocurrencies?

What is Bitcoin

Traditionally money has been in the hands of government, at least the last few centuries. But now there are strong signs that show, even subjects like “money” can change. And that is something what scares many governments, including U.S.

On July 18th, 2018, U.S. Congress held hearings, to decide whether cryptocurrencies should receive the status of “money” or not. Fortunately many congress members claimed that cryptocurrencies still might be useful. With one hand politicians state  “economic growth for all must be revitalized, free, competitive, transparent and innovative markets should be created so more Americans can create, build and innovate” in their reform plan, and from the other  – comes Republican Brad Sherman and says that cryptocurrencies are a bridge to drug and tax evasion. He even proposed that all U.S. citizens should be forbidden from buying and mining cryptocurrency!

Can I ask a simple question? – who wants to claim, that before cryptocurrencies appeared there were no drugs and tax evasion? Right to the point, one tweet said: “BTW, how many terrorist events are financed by $USD? More than #bitcoin.” Someone on Twitter was more straight: “Brad Sherman represents the international bankers.”

This desperate battle with the upcoming future – blockchain and cryptocurrency – seems futile. In my eyes, this seems more like a battle with competitors of traditional money and their desperation to control money flow.

Only a week before this meeting, U.S. president Mr. Donald J.Trump signed an order to establish a cryptocurrency fraud investigation unit. It is said to protect consumers. No one denies that there are a lot of scam projects around, a lot of quick money and possible money laundering schemes, but establishing such unit before cryptocurrency is even legalized looks more like an act of shadow battle.

Accepting Bitcoin for Trading

There is another turn in the development of “relationship” between U.S. governing organization SEC (U.S.Securities and Exchange Commission) and the Winklevoss twins, Cameron and Tyler as just a few days back they declined a proposed bitcoin ETF (exchange-traded fund) submitted by them. They are venture capitalists and have bitcoin payment processor BitInstant, a company that was found by Gareth Nelson Charlie Shrem in 2011 and allowed customers to purchase bitcoins via different stores. It is second time already when SEC refused to approve ETF application. The first time it was submitted by Bats Exchange ETF (BXZ) in a March 2017.