US Senator sees “big opportunity” in Chinese cryptocurrency ban

While cryptocurrency experts and enthusiasts are furiously discussing whether China’s ban on cryptocurrencies is truly definitive, U.S. Sen. Pat Toomey sees it as a “great opportunity” for the United States.

Earlier, Bitcoin (BTC) fell to $ 40,500 on a PBoC statement that considered all cryptocurrencies in China to be illegal. Senator Patrick Joseph Toomey Jr. (R-PA) commented on her possible outcome for the United States.

After China’s central bank (PBoC) announced that all cryptocurrency-related transactions were illegal, the price of BTC (BTC) fell to around $ 40,500. An interesting news, however, came from the United States, where Senator Patrick Joseph Toomey Jr. expressed what this could ultimately mean for the United States.

Senator: When interventions bring opportunities

According to the senator’s tweets, the United States could benefit greatly from another series of Chinese government actions against cryptocurrencies. Overall, it is a “great opportunity”.

China’s authoritarian crackdown on crypto, including #BTC, is a big opportunity for the US It’s also a reminder of our huge structural advantage over China.

– Senator Pat Toomey (@SenToomey) September 24, 2021

Due to the fact that the US authorities do not have such draconian regulations against cryptocurrencies (including BTC), the US economic system has a “structural advantage” over its Asian rival.

BTC’s prominent proponent, Anthony “Pomp” Pompliano, co-founder of Morgan Creek Digital, agreed with Senator Toomeyo and thanked the public about the potential benefits the United States could now gain.

“Very true – Thank you for pointing out this important aspect”

In addition, Toomey recalled that economic freedom results in “a higher standard of living for all.”

CEO of Circle: “There are two reaction models”

Jeremy Allaire, CEO of Circle Inc., which is behind one of the fastest growing stablecoins – (USDC), also commented on the situation. According to him, the Chinese attack on cryptocurrencies is the result of “complete control, centralization of power, removal of privacy”, which is inherent in the political regime of the People’s Republic of China.

As for further developments, he presented two possible scenarios for what the United States’ response to China’s move might look like.

1/5 A message to US and Western Policymakers on how to think about China’s approach to crypto and blockchain. China opposes the Western system of values ​​built on openness, transparency, privacy, free market competition and so forth.

– Jeremy Allaire (@jerallaire) September 24, 2021

The United States should quickly decide whether to behave “more like China” or show “stoic insight and be on the right side of history.”

Conclusion

There has been a lot of busy things around China lately. We are all certainly watching the situation around the development company Evergrande, which got into existential difficulties, which ultimately affected both the stock and cryptocurrency markets.

And now another FUD has come from the Bank of China. And although the cryptocurrency community tends to dismiss “Chinese FUD” as all too often recurring and insignificant, it can be seen that the market has not been immune to the ban and the price of cryptocurrency has plummeted.