Back in March 2018, President Donald J. Trump signed an executive order which was presented to ban the Venezuelan cryptocurrency. As per the updates, that order is about to change into a law. This decision from the United States government has raised concerns for other digital assets in the market. Now to what extent this decision will have an impact on the rest of the crypto world?
Since their emergences in the world, cryptocurrencies have disrupted many governments. But, is Trump really looking to ban Bitcoin and other cryptos?
The 45th U.S. President has addressed on several occasions that he is not a fan of Bitcoin and cryptocurrencies. Regarding Facebook’s Libra project, Trump said that Facebook and those companies working on blockchain and cryptocurrencies should adopt the banking regulations to enter the banking world.
He added that if these companies want to become a bank, they should follow a banking charter. Basically, Trump doesn’t wish to cryptocurrencies to be decentralized, which is totally against the concept of digital currencies.
Executive order #1025 will allow #Trump to ban any #Crypto asset in the #USA as early as tomorrow. #XRP holders pat yourself on the back for investing in a Digital Asset that works with the system to solve a problem measured in the 10’s of $Trillions. #XRPTHESTANDARD
— THE JUDGE (@JudgeXrp) September 15, 2019
According to Jason Brett, founder of Value Technology Foundation, a research company working on blockchain, around 20 bills related to blockchain are under consideration by the U.S. Congress. However, among all those bills, just one is impending, which may concern the crypto users.
In the executive order, it was mentioned that the U.S. nationals and organizations would be banned from holding, trading, buying, and spending Venezuelan crypto, Petro. The Senate bill 1025 is set to be approved by the U.S. government, maybe on the coming Monday (tomorrow). After the approval of the bill by Senate, the executive order signed by the President will become a law.
If the bill gets approved, Petro will be the first crypto banned in the U.S. This news has already attracted U.S crypto users, and it is a severe concern for them, as the government can go on to ban more cryptocurrencies in the country. Brett added:
“The implications for this are huge because it could be bitcoin or some other cryptocurrency inserted into this language, we’re talking about a road map for how to ban a particular cryptocurrency.”
The area of concern is that there are already 20 such bills pending, and if those bills go through the same process, it may change the scenario of the crypto industry for the U.S. users. Since Trump signed that executive order, more cases are being heard related cryptocurrency issue.
Moreover, in the last week alone, Congress hosted crypto-related meeting thrice. As the crypto adoption in the U.S. keeps increasing, the government looks more concerned to handle all crypto-related issues.
For now, the users have to wait for the next move from the US government and what plans Trump has for cryptocurrencies. But for now, the bottom line is that Petro may get banned soon, whereas rest of the cryptos fall under banning radar.
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