Cryptocurrency Ban: Unworkable and Unwise – The Wall Street Journal

Regarding Lee Reinerss Ban Cryptocurrency to Fight Ransomware (op-ed, May 26): Emulating the Chinese governments approach to cryptocurrencies is misguided, impractical and un-American. As Mr. Reiners concedes, banning anything runs counter to the American ethos, a statement that encapsulates the open approach to new technology that we, as a country, have often pursued. While it is unfortunate that Mr. Reinerss proposed ban mimics the Chinese approach, it is also technically impossible. Open blockchain networks run on open-source software, meaning the government couldnt enforce a ban on digital assets without shutting down the entire internet. We doubt such a solution would have much of a durable constituency on Capitol Hill or in the White House.

Indeed, what sort of signal would banning this censorship-resistant financial system send to the billions of people living under authoritarian regimes? One timely example undermines Mr. Reinerss assertion that cryptocurrencies are used only by speculators and criminals. According to the Human Rights Foundation, Belarusians have used bitcoin to defy Alexander Lukashenkos regime by sending more than $3 million in unstoppable money directly to striking workers, who then convert it to local currency in peer-to-peer marketplaces, helping to support protests against the countrys dictatorship.

Another more local example shouldnt escape our view: Mr. Reinerss Global Financial Markets Center openly solicited, until May 26, donations in several cryptocurrencies. If a well-regarded think tank focused on the future of the worlds financial systems deems crypto donations worthy, perhaps Mr. Reiners should look closer to home for worthwhile use cases.

Kristin Smith

Executive Director

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Cryptocurrency Ban: Unworkable and Unwise - The Wall Street Journal