Why the American Government Cannot Regulate Bitcoin
Mar 30, 2018 Posted / 599 Views
Ongoing Talks on Bitcoin and it’ derivatives are being constantly held in the United States involving some high levels experts from both the traditional Financial Industry, Intermediate Fintech Players, and Cryptocurrencies. It’s almost impossible for America to effectively regulate Bitcoin under its Current Legal System.
The constitution of the United States of America protects exclusively the rights of American Citizens, and therefore in this regard bitcoin got intertwined as a protected form of publishing if interpreted by the constitution. To make Bitcoin regulation feasible in America the constitution ought to be changed, not just regulated but ripping off the first Amendment completely.
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However, Anti-Bitcoin Crusaders will be challenged with stronger and ultimately successful legal challenges that will prevent the creation of any kind of a licensing arrangement for bitcoin in the USA. On the other hand, agencies such as CTFC, FinCEN, and other similar organizations are mostly to stage long successful legal resistance on any of such attempts.
All interference on Bitcoin at state levels will be rendered impossible since such acts will be a direct violation of Federal Laws. Basically, if the Constitution of the United States is not Tampered with, Bitcoin world Center will be based in the USA and all sorts of relating bitcoin businesses from all over the world will flock there.
Some people argue that bitcoin is money while others say that it is not money, however, these arguments are not as important as the acknowledgement that the bitcoin network is performing its designed functions reliably. Bitcoin can take different forms and can be printed on paper as readable QR Codes, Plain text or just Numeric figures. This makes it possible for bitcoin to be read by human just like Huckleberry Finn.
During the Creation of the United States of America, the Founding Fathers enacted a law meant to give no compromise that would allow for the uprise of tyrant leaders in the country. The law was based on creating freedom for citizens as a common ideal. These different articles of freedom were based on the single powerful freedom of the press.
This amendment became of a central importance to the free society that had just emerged from long periods of civil war. The First Amendment guarantees that all Americans have the power to exercise their right to publish and distribute anything they like without any unwarranted restriction or restraint. Since bitcoin can be interpreted as a form of publishing, this law would ambiguously protect bitcoin.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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