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Okay lets do that. How do they enforce it? Many of the biggest exchanges are not in the US. There are some exchanges that are decentralized themselves and can't

Okay lets do that. How do they enforce it? Many of the biggest exchanges are not in the US. There are some exchanges that are decentralized themselves and can't be taken down easily. Many countries are embracing cryptocurrencies like Germany, South Korea, Japan, and will offer safe havens for exchanges. Of course cryptocurrency can always go underground and hid their traffic. Technically you could even run a cryptocurrency network through email. Technology has and will always move faster than governments. On another front, it might be hard to galvanize support to ban cryptocurrency when many of the movers and shakers have embraced it. IBM is the largest tech provider to the financial sector and is working on more than 400 blockchain projects and runs its own cross border payment system that may already process 60% of all cross-border payments in the South Pacific using the Lumen crypto. Word is also going around the JPMorgan might start up bitcoin futures trading soon. It seems like to me that the old world and gatekeepers have already decided that this is the way the world is moving.

bb88 8y ago
> Okay lets do that. How do they enforce it? There are some exchanges that are decentralized themselves and can't be taken down easily. So your argument is "You can make it illegal all you want, but we'll just move it underground and it will never die." Arguments like that do little to win over regulators. The last time I checked in the US, cryptocurrency fell within the jurisdiction of the CFTC, IRS, SEC, and FinCEN agencies. Three of those agencies have already made policies regarding cryptocurrencies without needing an act of congress. > On another front, it might be hard to galvanize support to ban cryptocurrency when many of the movers and shakers have embraced it. Again, this argument is not compelling enough. Popular things once done by people or companies have been made illegal time and time again. Any argument that allows companies to profit off illegal activities (money laundering comes to mind) in a legal way without regulation, is DOA.

bb88 8y ago

> Okay lets do that. How do they enforce it? There are some exchanges that are decentralized themselves and can't be taken down easily. So your argument is "You can make it illegal all you want, but we'll just move it underground and it will never die." Arguments like that do little to win over regulators. The last time I checked in the US, cryptocurrency fell within the jurisdiction of the CFTC, IRS, SEC, and FinCEN agencies. Three of those agencies have already made policies regarding cryptocurrencies without needing an act of congress. > On another front, it might be hard to galvanize support to ban cryptocurrency when many of the movers and shakers have embraced it. Again, this argument is not compelling enough. Popular things once done by people or companies have been made illegal time and time again. Any argument that allows companies to profit off illegal activities (money laundering comes to mind) in a legal way without regulation, is DOA.