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US Senator: Even If We Wanted To, We Couldn’t Ban Bitcoin

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Ben Brown
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Chairman of the Senate Banking, Housing, and Urban Affairs Committee Mike Crapo (R-ID) tells us what we already know. | Source: REUTERS/Joshua Roberts/File Photo
Chairman of the Senate Banking, Housing, and Urban Affairs Committee Mike Crapo (R-ID) tells us what we already know. | Source: REUTERS/Joshua Roberts/File Photo

U.S. Senator Mike Crapo (R-Idaho) admitted that it would be difficult or impossible to ban bitcoin in the United States. The Senator offered a number of positive comments on bitcoin as he chaired the Senate Committee on Banking, Housing and Urban Affairs cryptocurrency hearing yesterday.

“If the United States were to decide, and I’m not saying it should, if the United States decided we didn’t want cryptocurrency to happen in the United States, and tried to ban it, I’m pretty confident we couldn’t succeed in doing that because this is a global tech, a global innovation.”

His comments echo Rep. Patrick McHenry who said earlier this month that “there’s no capacity to kill bitcoin.

Members of Congress are increasingly warming up to bitcoin and beginning to comprehend its unstoppable force.

Senator: Bitcoin has “meaningful benefits”

In his opening statement, Senator Crapo framed bitcoin in a broadly positive light. He said technology leaps are inevitable and the US should take a lead in fostering innovation.

“It seems to me that digital technology innovations are inevitable, could be beneficial, and I believe that the U.S. should lead in developing these innovations and what the rules of the road should be.”

Read the full story on CCN.com.