The U.S. government has repeatedly stepped up its overwatch on crypto in current years. Nevertheless, an outright ban on bitcoin is now unlikely, as per Tyler Winklevoss, the co-founder, and CEO of Gemini. He isn’t buying into speculations that the U.S. may at some time shut its doors on Bitcoin. He opined in his recent Twitter post that the process of reviewing bitcoin’s structure as an asset has been set aside by the authorities. Tyler doesn’t think that there is anything else the government will come back for, indicating that the job of analyzing has been executed.
Moreover, Tyler Winklevoss’s beliefs are quite opposite of that of the Billionaire Ray Dalio, which resulted in various remarks from the crypto community. However, Ray Dalio didn’t conclude that the government would eventually go forward with a ban. He made some prominent points explaining why it is supposedly possible for the government to make a bitcoin a target. However, Ray Dalio also said that bitcoin had stood the test of time, as its blockchain hasn’t been attacked, and it has a massive following.
Tyler Winklevoss Notifies Regulators as Stakeholders
Furthermore, Winklevoss mentions regulators as stakeholders. He opines that they have companies and customers’ well-being in mind, but some also may hold bitcoin and see it as valuable. He also emphasized the trend of crypto industry leaders discovering their way into government positions. He also highlighted that banning Bitcoin would necessitate introducing vital restrictions on the internet and affecting other economic aspects.
Conversing about crypto leaders finding their way to government positions, the U.S. FinCEN (Financial Crimes Enforcement Network) currently appointed a former Chainalysis exec as its new acting director. Michael Mosier has a background with FinCEN and has served at the Chainalysis. In the past, Mosier has served at FinCEN as deputy director and digital innovation officer and is recently a counselor to the Treasury’s deputy secretary. He also acted as the CTO (chief technical officer) at Chainalysis.
Moreover, suppose the U.S succeeds in outlawing Bitcoin. In that case, it will put the country in the identical boat as Nigeria and India, where both nations’ governments intend to restrain Crypto-trading to an extent. However, there’s no determining how far the U.S government will go. Any restrictive policy could fundamentally influence investors and traders while concurrently affecting the price of Bitcoin.