The U.S. government has been stepping up its surveillance on crypto in recent years, although a total ban on Bitcoin is now unlikely – at least according to Tyler Winklevoss, CEO and co-founder of Gemini.
“I think if we were back in 2013 it would be an open question,” Winklevoss told podcaster Peter McCormack when asked about regulation and a ban on Bitcoin (BTC) during a Friday US episode What bitcoin did Podcast:
“I think the US will never ban Bitcoin. There are too many precedents set in court. The coinflip order that was a CFTC [Commodity Futures Trading Commission] Enforcement actions, upheld in court, viewed Bitcoin as a commodity like gold. “
As early as 2015, the CFTC described BTC as a commodity in the midst of trading with Derivabit, a trading platform for BTC options. According to the CFTC, Derivabit, a product made by a company called Coinflip, was not compliant with the governing body at the time.
“We’re a New York trust company regulated by the New York Treasury Department,” continued Winklevoss, referring to Gemini. “So much would have to be reversed,” he said of a Bitcoin ban, adding:
“They talk about companies that are making careers and building the economy. Some of them go public. They become drivers of the stock market. Rolling back is so unlikely for me. Of course it’s not 0%, but it could just as well be. ”
Today’s crypto space began with the introduction of Bitcoin in 2009. Since then, the asset has spawned an entire ecosystem in which the main actors engage in various functions. The regulatory talk has also evolved in terms of providing and enforcing policies related to crypto.
Winklevoss also mentioned the supervisory authorities as stakeholders. They have business and consumer welfare in mind, but some may find BTC valuable too. He also noticed the trend for crypto industry leaders to find their way into government positions.
“I think it’s like such a large number of people in the US believing that in my opinion there is a near 0% chance that this type of will reset for some reason,” he said, adding :
“I think the same for the UK and Europe. In Singapore we are in a licensing process with the MAS [Monetary Authority of Singapore], your top regulator there. You hug 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 this is more than anything but a threat. ”
He also pointed out that stopping Bitcoin would essentially require significant restrictions on the entire internet, which would affect other economic aspects.
Speaking of crypto leaders making their way to government positions, the Financial Crimes Enforcement Network recently selected a former Chainalysis manager as its new acting director.