Can the US Government ban Bitcoin? Yeah right! Good luck with that guys! This topic of conversation has been a long-standing debate for critics of cryptocurrencies. However, news has appeared this week that suggests that this topic is ready to be put to bed for good as government officials start to realise that banning Bitcoin is practically impossible.

Of course, as we are active investors within the industry, we have all known that any government would REALLY struggle to ban Bitcoin as it is a global phenomenon not run from one region but it has taken lawmakers a long time to understand this.

In May this year, Congressman Brad Sherman had called for a ban on Bitcoin in the following Tweet;

This sentiment is taken further by economist Nouriel Roubini and even the CEO of JPMorgan, Jamie Dimon, has come forward calling for a ban on the cryptocurrency so-called “scam”.

Is The Government Waking Up To The Fact It Is Impossible?

This week, a hearing was held by the U.S. Senate Committee on Banking, Housing and Urban Affairs to discuss cryptocurrency and blockchain regulation. Within the hearing, the Senate Banking Committee Chairman, Mike Crapo, aired his concerns on the regulation of cryptocurrency. He had stated that if the US was to go ahead and decide to ban cryptocurrencies, it would not succeed as he knows that Bitcoin is a global innovation. Crapo was alluding to the fact that it could be banned in the US but cryptocurrency would still thrive elsewhere.

In response to this statement, the CEO of Circle, Jeremy Allaire, stated that the problem is that most of these cryptocurrency projects are simply just open-source software that anyone can implement. He continued to state that cryptocurrencies can run anywhere in the world where there is internet and it will not be slowing down.

Is This Good News? 

This should be considered good news as it shows that the government might start to ease up on their impending regulation of cryptocurrency. Of course, the typical regulation should be in place, such as KYC and AML - but taking matters further such as a nationwide ban would prove to be impossible.