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While the United States government has increased its surveillance on cryptocurrency in the past few years, outright bans on Bitcoin are unlikely at the moment, according to Gemini CEO and co-founder Tyler Winklevoss.
“I think, if we were back in 2013, this would be kind of an open question,” Winklevoss told podcaster Peter McCormack when asked about regulation and a Bitcoin (BTC) ban during a Friday episode of the What Bitcoin Did podcast:
“I think that the U.S. will never outlaw Bitcoin. There’s too much precedent that’s been set in the courts. The Coinflip order, which was a CFTC [Commodity Futures Trading Commission] enforcement action which was upheld in the courts, considered Bitcoin a commodity like gold.”
Back in 2015, the CFTC referred to BTC as a commodity in the midst of dealing with Derivabit, a BTC options trading platform. In another show of support for Gemini, Winklevoss continued, “We’re a New York trust company that is regulated by the New York Department of Financial Services.”
"You'd have to undo so much," he said of a Bitcoin ban, adding:"You're talking about creating jobs with Bitcoin, building the economy, and some companies are going public." “So much would have to be undone,” he said of a Bitcoin ban, adding:
“You’re talking about like companies that are providing careers, building the economy, some of them are going public. They’re going to become drivers of the stock market. To unroll that back is so unlikely to me. Of course it’s not 0%, but it might as well be.”
Throughout this period, the asset has established a new ecosystem, with mainstream players becoming involved in various capacities. Regulatory guidelines have started to be developed, and enforcing these guidelines has become more a priority on a bipartisan basis. Regulatory talk has also continued moving forward in terms of providing and enforcing guidelines as they relate to crypto.
Many look out for the interests of businesses and consumers, but some may hold Bitcoin as well. He noted the trend of crypto industry leaders moving into government positions. He stated: “I think there’s way too many people who believe in this in the U.S. that it's gone to a halt for whatever reason.” He added: “I think the same in the U.K. and Europe”.
“I think it’s like such a strong amount of people who believe in this in the U.S. that I think it’s like next to 0% chance that that sort of gets rolled back for whatever reason,” he said, adding:
“I think the same for the U.K. and Europe. Singapore we’re in a licensing process with the MAS [Monetary Authority of Singapore], their top regulator there. They are embracing it. All of the jurisdictions that are free markets and open markets and believe in capitalism, believe in Bitcoin, believe in crypto, and I think see it as an opportunity more than anything than a threat.”
Financial Crimes Enforcement Network recently chose a former Chainalysis executive as their acting director.
Speaking of crypto leaders finding their way to government positions, the Financial Crimes Enforcement Network recently chose a former Chainalysis exec as its incoming acting director.
