The White House Press Secretary, Sarah H. Sanders, said on Thursday that bitcoin and various other cryptocurrencies are “being monitored”, and could not explain further when mentioned what specifically are being looked at. In 2009, the?IRS?won in instances to get information from Coinbase together with the SEC will make its thoughts known on ICOs – the federal government is certainly watching. It’s even feasible for actions that is taken start adding some bans and required registration of accounts – or maybe more clarifications as are considered from the SEC and FINCEN.
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Are cryptocurrency bans still a prospect? Would it even matter?
Bitcoin and cryptocurrencies usually could be seen as ‘unregulated’ in the eyes of your White House – in particular the Department of Homeland Security – consequently it is still the possibility in the future that they will decide that an outright ban is necessary. Obviously there is undoubtedly a question of regardless of whether banning a cryptocurrency may be accomplished at all. Rapid answer is really not, the long response is that cryptocurrencies are (usually) decentralised; thus, this means that there is not any one place that might be closed as far as stop the trade and employ of cryptocurrencies. With that being said, the one thing that could be somewhat centralised is exchanges, and of course if the various US based exchanges were banned or otherwise forced to close down (at a minimum towards customers in america). This would cause both a drop in buying power and produce uncertainty you can get about the actions of other nations where exchanges ply their trade, as these nations can suffer the same way the american does and thus decide to get the same action. Banning or perhaps closing exchanges with overly burdensome regulations will not remove all transactions using cryptocurrencies in any given nation though, as private transactions would still reside – assuming that the top 25 cryptocurrencies still have worth as opposed to two (or even more) parties mixed up in transaction might be willing to transact.