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Can the Prohibition of Crypto Exchanges Stop Bitcoin Operations?

It is quite ironic how a country like the United States, which never fails to take the lead in almost everything on the planet, has somehow remained unenthused about cryptocurrency like the rest of the world. This is evident in the fact that most of the biggest crypto exchanges are located outside the US.

Key Points

  • For some undisclosed reasons, the US has stood aloof from cryptocurrency.
  • The US already has strict regulations imposed on cryptocurrency with more on the way.
  • The state of Wyoming remains Bitcoin’s foremost ally in the US.
  • Bitcoin will continue to exist even if the US government attacks it with its full might.

Bitcoin, however, has not had it rosy in recent times. From one legal problem to the next, the king of cryptocurrency has seen attacks from different parts of the world.

While top tech CEOs such as Twitter’s Jack Dorsey and Justin Sun are pushing for the adoption of cryptocurrency in Africa, the United States, under the Trump administration, has continued to tighten the noose on the crypto market with plans to unveil even more radical crypto regulations, as stated by Treasury Secretary Steven Mnuchin.

More Attacks on the Way?

Bitcoin has over the years been given several derogatory names after another. One of such names was given recently by Neel Kashkari, Minneapolis Federal Reserve President, who referred to Bitcoin as “a giant garbage dumpster.” A blockchain expert named Caitlin Long spoke on a recent podcast about crypto regulations around the US, as well as Wyoming’s progression in the area, and lots more.

Long expressed displeasure with the way the federal government is handling matters concerning cryptocurrency. In her opinion, the government is not on the right course with regard to digital assets. According to Long, Wyoming has the right facilities, but its benefits can only be enjoyed within the borders of the state.

A Different Stance

When the rest of the country are taking their sweet time to warm up to blockchain and cryptocurrency, the US state of Wyoming appears to have a completely different opinion on the matter. The state has remained progressive where cryptocurrency is concerned. In November 2019, the state introduced regulations that will guide crypto-custody platforms.

A lot of areas are covered by regulations such as airdrops, staking, and forks, including banks offering digital assets custodial services. The regulations are not mandatory, rather those interested are free to opt-in to participate.

Is the US Powerful Enough to End Bitcoin?

When Long was asked what was likely going to happen when Bitcoin became criminalized by the government and crypto exchanges shut down because of its growing influence, she responded by saying that such an action would have zero effect on Bitcoin. She insisted that even if the US government suddenly became hostile towards Bitcoin and places a ban on exchanges, Bitcoin would never cease to operate.

With that clarified, she talked about the influence of taxes on crypto owners in the US. According to her, crypto owners will continue to be frustrated by the tax laws in the US, unless something is done about it.

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