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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, 24/09/2021 - 15:33
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.

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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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