Even if he crushed exchanges, making Bitcoin illegal would likely see rejection by lawmakers.
Publishing a dedicated thread on the chances of Trump banning the cryptocurrency, Krueger argued he could theoretically have some success.
By targeting entry and exit points for retail and institutional investors, the president would turn Bitcoin into an isolated, more illiquid asset as it is used by lay consumers.
“Trump could also go after fiat onramps, by simply forbidding banks to service crypto exchanges, or by requiring banks to not service exchanges unless conditions XYZ are fulfilled (and make that practically impossible),” Krueger summarized.
In reality, however, Trump would need to convince Congress of the need to ban Bitcoin, and lawmakers could overturn his demands, even if they occurred via an executive order or similar emergency measures.
A ban is thus feasible but the probability of it becoming law is extremely low, Krueger concluded.
His comments came several days after mainstream media suggested Trump had inadvertently made Bitcoin a campaign issue for the upcoming 2020 presidential elections.
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Author: William Suberg
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