Bitcoin Ban via Executive Order Increasingly Unlikely

Vapers rejoiced recently as President Trump backed away from banning flavored e-cigarettes. After significant hysteria over deaths from supposedly faulty cartridges, it seems that there will be no ban put in place. It’s a surprising move that demonstrates the President’s hesitancy in outright banning products on American markets. Strangely enough, President Trump’s decision may provide us with some insight into how he will treat the cryptocurrency question. In short, his hesitance to implement wholesale bans seems to also imply that he would be just as unlikely to ban cryptocurrencies entirely. Such an idea was, just months ago, seen as remotely plausible.

Bitcoin Less Likely to Be Banned

These are the thoughts echoed by Fundstrat founder Thomas Lee, a popular cryptocurrency commentator often seen on CNBC. He argues that President Trump’s recent decision is, strangely enough, “a marginal positive for Bitcoin.” If a blanket cryptocurrency ban was ever on the table before, it is definitely beyond the realm of possibility now.

Oddly, I view this as a marginal positive for #bitcoin…

the (ever remote) risk of a ‘executive order’ ban of crypto is diminished if ⁦@realDonaldTrump⁩ is backing off a vaping ban.

⁦@nytimes⁩ $BTC #vaping https://t.co/RTfSwrC09B

— Thomas Lee (@fundstrat) November 18, 2019

BeInCrypto reported two months ago on Senate Bill 1025 which would make Venezuela’s Petro cryptocurrency illegal in the United States. The bill created fears that a greater ban on cryptocurrency might be possible — easily serving as a gateway to banning any competition to the U.S. dollar. It also demonstrated that cryptocurrencies were hot on the regulatory agenda, taken seriously at the highest level of the U.S. State Department and the Treasury.

Banking Lobbyists Still Remain Too Strong

Despite fears over a potential cryptocurrency ban largely evaporating, we should still be wary. As one user, Matthew Graham (@mg0314a), responded to Lee, the banking interests still have better lobbyists. We simply can’t extrapolate any conclusions from President Trump’s recent moves on the cryptocurrency industry as a whole.

Hmmmm indeed….

— Thomas Lee (@fundstrat) November 18, 2019

In short, a blanket cryptocurrency ban seems less and less likely. However, the blockchain sector has to build up its institutional power to better fight the traditional banking forces that wish to suppress it. It’s a battle that will continue to play out for years to come.

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