In recent years, the US government has been stepping up censorship over cryptocurrencies, although it is unlikely to impose a complete ban on Bitcoin right now – at least according to Gemini boss and co-founder Tyler Winklevoss.
Asked about Bitcoin (BTC) regulation and bans during Friday’s What Bitcoin Did podcast, Winklevus host Peter McCormack said:
“I think the United States will never ban Bitcoin. There are many precedents in the courts. The Coinflip order, which was a court-enforced measure by the CFTC [Commodity Futures Trading Commission], considers Bitcoin to be the same commodity as gold. ”
In 2015, the CFTC referred to BTC as a commodity in the middle of trading with Derivabit, a BTC options trading platform. According to the CFTC, Derivabit, a product of a company called Coinflip, did not conform to the board of directors at the time.
“We are a New York trust, regulated by the NYC Department of Financial Services,” Winklevous continued, referring to Gemini. “There is a lot to be regretted,” he said of the Bitcoin ban, adding:
“You are talking about companies that offer jobs, create finance, and some of them go public. They want to be exchange marketers. It is unlikely that this will reverse the situation. Of course, this is not 0%, but it can be. ”
Cryptocurrency as it is known today began in 2009 with the advent of bitcoin. Since then, assets have created a whole ecosystem in which the main players have different abilities. Regulatory conversations have also continued to advance in the provision and enforcement of cryptocurrency advisories.
In addition, Winklevoss named the organizers as stakeholders. They think about the well-being of the company and consumers, but some may also store BTC and see it as valuable. He also pointed out the trend of leaders in the cryptocurrency industry to hold public office.
“I think there are so many people in the United States who believe in this that I think there is almost a 0% chance that they will return to this type for any reason,” he said, adding:
“I think the same goes for the UK and Europe. Singapore. We are in the process of licensing with MAS [Monetary Authority of Singapore], the largest regulator in the country. They accept it. All jurisdictions with free markets, open markets, capitalism, bitcoin and cryptocurrency. And I think she sees this as more of an opportunity than a threat.
He also suggested that stopping bitcoins would essentially require significant restrictions on the Internet in general, which could affect other economic aspects.
Speaking of cryptocurrency executives getting into government positions, the Financial Crime Network recently elected the former head of Chainalysis as its new CEO.