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U.S. Senator Pat Toomey Sees "Big Opportunity" for the U.S. in China Crypto Ban

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Fri, 09/24/2021 - 15:33
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Vladislav Sopov
As crypto experts and enthusiasts are guessing about whether today's China ban is real, politicians suggest unexpected outcome for the U.S.
U.S. Senator Pat Toomey Sees "Big Opportunity" for the U.S. in China Crypto Ban
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Earlier today, Bitcoin (BTC) plunged to $40,500 on the PBoC statement that deemed all crypto transactions in China illegal. Senator Patrick Joseph Toomey Jr. (R-PA) commented on its possible outcome for the United States of America.

When crackdowns bring opportunities

According to tweets by Sen. Toomey, the U.S. can benefit a lot from another series of anti-crypto actions by the Chinese government. All in all, it is a "big opportunity," he adds.

As U.S. authorities do not impose such draconian regulations against cryptocurrencies, including Bitcoin (BTC), the American economic system has a "structural advantage" over its rival.

Prominent Bitcoiner Anthony "Pomp" Pompliano, co-founder of Morgan Creek Digital, agreed with Sen. Toomey and thanked him for bringing public attention to potential U.S. benefits:

Very true. Thank you for bringing attention to this important aspect.

Also, Mr. Toomey recalled that economic liberty results in "a higher standard of living for all."

Circle CEO: "There are two models of reacting"

Jeremy Allaire, CEO of Circle Inc., an operator of the fastest-growing stablecoin, USD Coin (USDC), lists two models for the U.S. reaction to Chinese hostility.

He claimed that the attack on crypto in China is a result of the "total control, centralization of power, elimination of privacy" inherent to the PRC's political regime.

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As such, the U.S. should choose whether to be "more like China" or to demonstrate a "stoic, determined outlook" and "be on the right side of history."

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)