• Crapo was the latest member of the US Congress to have seemingly warmed up to bitcoin. 
  • While chairing the Senate Committee on Banking, Housing and Urban Affairs, he discussed the benefits of Bitcoin.

It would be impossible to ban bitcoin in the United States, as per US Senator Mike Crapo (R-Idaho). While chairing the Senate Committee on Banking, Housing and Urban Affairs, he offered some positive comments on Bitcoin:

“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.”

Crapo was the latest member of the US Congress to have seemingly warmed up to bitcoin. Earlier this month, Rep. Patrick McHenry had stated that “there’s no capacity to kill bitcoin.”

During his opening statement, Crapo said that the US should take the lead in fostering innovations such as bitcoin:

“It seems to me that digital technology innovations are inevitable, could be beneficial, and I believe that the US should lead in developing these innovations and what the rules of the road should be.”

Crapo then discussed the benefits of bitcoin and other similar digital assets:

“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.”

July has been a busy month for bitcoin after Facebook’s Libra brought the entire industry under closer scrutiny by politicians and lawmakers. House Minority Leader Kevin McCarthy admitted that he liked bitcoin while criticizing Libra. Rep. Patrick McHenry also recognized that bitcoin was an “unstoppable force.” Rep. Warren Davidson also took the time to educate the world on the differences between bitcoin and shitcoin.

Everything points to the US Congress moving towards sensible regulation. Circle’s Jeremy Allaire urged lawmakers for properly clarify the laws surrounding cryptocurrencies:

“There is a fundamental mismatch between the regulatory structure and guidance that we have here (in the US) 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.”
 


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Ripple's XRP holds symmetrical triangle support as SEC acknowledges Bitwise XRP ETF filings

Ripple's XRP holds symmetrical triangle support as SEC acknowledges Bitwise XRP ETF filings

Ripple's XRP is down 3% on Tuesday despite the Securities and Exchange Commission (SEC) acknowledgment of Bitwise XRP ETF. Unchained Crypto noted that XRP ETF could underperform due to key fundamental issues.

More Ripple News
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP could decline on FTX repayments pressure

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP could decline on FTX repayments pressure

Bitcoin (BTC) price has been consolidating between $94,000 and $100,000 for two weeks. Ethereum (ETH) and Ripple (XRP) faced a pullback earlier this week. BTC, ETH and XRP prices could decline further as FTX repayments could raise selling pressure.

More Cryptocurrencies News
Bitcoin stretches losses as CME premiums dip, Strategy aims to purchase $2 billion worth of BTC

Bitcoin stretches losses as CME premiums dip, Strategy aims to purchase $2 billion worth of BTC

Bitcoin (BTC) continued its downward trend on Tuesday as K33 Research's weekly report indicated growing declines in BTC CME premium and yields. BTC has shown a directionless movement since the presidential election, which suggests waning interest among investors.

More Bitcoin News
How will Dogecoin price react to Elon Musk investigating the US SEC?

How will Dogecoin price react to Elon Musk investigating the US SEC?

Dogecoin price hit $0.25 on Tuesday, plunging 10% in 48 hours as the market reacted to regulatory squabbles between Elon Musk-led D.O.G.E and the US SEC.

More Dogecoin News
Bitcoin: BTC consolidates before a big move

Bitcoin: BTC consolidates before a big move

Bitcoin price has been consolidating between $94,000 and $100,000 for the last ten days. US Bitcoin spot ETF data recorded a total net outflow of $650.80 million until Thursday.

Read full analysis
The Best Brokers of the Year

The Best Brokers of the Year

SPONSORED Explore top-quality choices worldwide and locally. Compare key features like spreads, leverage, and platforms. Find the right broker for your needs, whether trading CFDs, Forex pairs like EUR/USD, or commodities like Gold.

Read More

BTC

ETH

XRP