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US will not be able to ban bitcoin – opinion

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‘Bitcoin Will Not Be Banned!’ The United States Of America Just Released The Cryptocurrency Bulls

US will not be able to ban bitcoin - opinion

US will not be able to ban bitcoin – opinion
CONTENT

  • States will not ban bitcoin, says Barry Silbert

  • The regulatory atmosphere for cryptocurrencies will soften in the future

  • Bitcoin supporters will lobby their interests

International consortium of news organizations developing transparency standards.

According to Grayscale CEO Barry Silbert, we are not in danger of “catastrophic regulation,” and US regulators will not be aggressive..

US will not be able to ban bitcoin - opinion

States are watching bitcoin

American regulators are unlikely to pursue Bitcoin, regardless of the election results. This is the conclusion reached by Barry Silbert, director of venture capital firm Digital Currency Group and its subsidiary Grayscale, a leader in digital asset management..

American regulators became interested in bitcoin in 2012, when the US Attorney General’s Office initiated an investigation into the cryptocurrency. Last year, US President Donald Trump criticized bitcoin and other cryptocurrencies, calling them a means of “illegal activity.” In addition, he said that they cannot be considered money, because they are too volatile and made of thin air..

But they will not forbid

However, in a recent conversation with Grayscale investors, Silbert, a former Wall Street investment banker, said he remained “cautiously optimistic” about the rejection of a complete ban on investing in bitcoin:

“For the first time, we have overcome the perceived risk of ‘banning Bitcoin’,” he said. There are enough supporters of bitcoin among politicians and regulators in Washington who believe that it has a right to exist, and, ultimately, it cannot be banned. “.

US will not be able to ban bitcoin - opinion

The changes in the attitude of politicians are mainly related to the work of lobbying groups such as the Blockchain Association and Coin Center, which try to constantly advise regulators. Thanks to them, “the risk of a disastrous regulatory policy, which may have previously existed in Washington, is left behind,” he said..

Institutional demand

Last week, Grayscale announced an increase in demand for bitcoin among institutional investors. The digital asset management company reported a record second quarter with over $ 900 million in cryptocurrency inflows to its trust funds – nearly double the $ 500 million invested in the first quarter..

The attitude of the American authorities was also influenced by the fact that other countries, such as Germany, developed guidelines for cryptocurrency companies, instead of introducing a complete ban.

Jay Clayton leaves SEC

Silbert warned that positive developments should be treated with caution as policy changes will depend on who controls the House and Senate..

But the biggest factor for the digital asset industry is uncertainty over who will head the US Securities and Exchange Commission following the departure of current chairman Jay Clayton..

Silbert believes Clayton’s departure opens up more opportunities. This could be positive news for traded ETFs, clarifying the concept of investor and clarifying for startups hoping to raise money..

US will not be able to ban bitcoin - opinion

SEC Progressive Commissioner Esther Pearce (known as the “Crypto Mom”) is one possible candidate for the SEC chair, though many factors must coincide. However, so far there are no signs to determine who will take Clayton’s place..

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