U.S. Bitcoin Ban Unlikely; IRS Targets Crypto Tax Dodgers
During the U.S. Senate Committee on Banking, Housing and Urban Affairs hearing on cryptocurrency and blockchain technology regulation this week, Senate Banking Committee Chairman Mike Crapo (R-ID) shared his belief that the United States will not be able to ban Bitcoin. “I’m pretty confident we couldn’t succeed in doing that,” he said.
The U.K.’s financial services watchdog, on the other hand, has warned potential investors that bitcoin and cryptocurrencies have “no intrinsic value.” Some took this as a signal that the country could be moving towards a bitcoin ban.