The United States government has increasingly ramped up its overwatch on crypto in recent years, although an outright ban on Bitcoin is now unlikely – at least according to Gemini CEO and co-founder Tyler Winklevoss.
“I think if we were back in 2013, this would be sort of an open question,” Winklevoss told podcaster Peter McCormack when asked about regulations and a Bitcoin (BTC) ban during a Friday episode of the What Bitcoin Did podcast:
“I think the US will never ban Bitcoin. Too much precedent has been set in the courts. The Coinflip Order, which was a CFTC [Commodity Futures Trading Commission] enforcement measures enforced by the courts viewed Bitcoin as a commodity like gold. “
2015 was the CFTC referred to BTC as a commodity in the middle of dealing with Derivabit, a trading platform for BTC options. According to the CFTC, Derivabit, a product of a company called Coinflip, was not in compliance with the governing body at the time.
“We are a New York trust company regulated by the New York Department of Financial Services,” continued Winklevoss, referring to Gemini. “So much should be undone,” he said of a Bitcoin ban, adding:
“You’re talking about similar companies offering careers, building the economy, some of which go public. They become drivers of the stock market. It is so unlikely to me that I will roll that out again. It’s not 0%, of course, but it could just as well be. ”
The crypto space as it is known today began in 2009 with the introduction of Bitcoin. Since then, the asset has given birth to an entire ecosystem, involving regular players in a variety of capacities. Regulatory talk also has kept moving forward in terms of providing and enforcement guidelines regarding crypto
Winklevoss also mentioned regulators as stakeholders. They have the wellbeing of businesses and consumers in mind, but some may also like BTC and see it as valuable. He also noted the trend of crypto industry leaders making their way into government positions.
“I think it’s such a large number of people who believe in this in the US that I think there is almost a 0% chance that that kind will be reversed for whatever reason,” he said, adding:
“I think the same for the UK and Europe. Singapore we are in a licensing process with the MAS [Monetary Authority of Singapore], their highest regulator there. They embrace it. All jurisdictions that are free markets and open markets that believe in capitalism, believe in Bitcoin, believe in crypto, and I think it’s seen as more of an opportunity than a threat. ”
He also pointed out that stopping Bitcoin would essentially require significant restrictions on the internet as a whole, affecting other economic aspects.
Speaking of crypto leaders making their way into government positions, recently the Financial Crimes Enforcement Network chose a former Chainalysis exec as the new acting director.