According to Gemini CEO and co-founder Tyler Winklevoss, it is highly unlikely that the U.S. government would move to ban Bitcoin.
Winklevoss aired his views during a Friday episode of the “What Bitcoin Did” podcast with Peter McCormack. His comments are in direct contrast to the opinions of billionaire Ray Dalio, who has for a while spread the word of a likely Bitcoin ban from governments.
Although the U.S. government, with particular reference to the SEC, has beefed up its overwatch on cryptocurrencies, the Gemini CEO does not see an outright Bitcoin ban in view. He explained:
I think that the U.S. will never outlaw Bitcoin. There’s too much precedent that’s been set in the courts. The Coinflip order, which was a CFTC [Commodity Futures Trading Commission] enforcement action that was upheld in the courts, considered Bitcoin a commodity like gold… You’re talking about companies that are providing careers, building the economy, some of them are going public. They’re going to become drivers of the stock market. To unroll that back is so unlikely to me. Of course, it’s not 0%, but it might as well be.
Winklevoss also pointed to regulators who are strong believers in the digital asset. Take SEC Commissioner, Hester Peirce for instance, the ‘crypto mom’ has repeatedly called for clear-cut crypto regulation in the United States.
Bitcoin has continued to gain the support of institutional players, making it even for difficult to ban.