Crypto enthusiasts are concerned over recent news that the U.S. FDA and the White House have been able to effectively ban e-cigarettes in a short time frame, wondering what other kinds of products could suddenly be blacklisted.
Today, reports from the New York Times show that after emerging concerns about health risks, flavored e-cigarettes will soon be pulled from stores.
That has people wondering whether it would be as easy for the government to similarly issue an executive order and ban cryptocurrencies.
To be fair, there is a critical reason for the government to act quickly on e-cigarettes as dozens of vapers fall victim to severe and mysterious lung issues.
Cryptocurrency isn’t like that, it’s not a health and safety issue – but in the era of an impetuous White House and the eroding of many traditional American norms, people are unsure of just how far the administration will go on any particular issue.
Past critical tweets by Trump on cryptocurrency have buy and hold investors and other crypto fans concerned.
“I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….” Trump tweeted famously July 11, and while those words did not bring the price of Bitcoin crashing down around our ears, long-term outlooks for BTC and other coins might be affected if the White House decides to really go after these alternative assets. For some coin holders, it might not be the actual assertions in the tweet, suggesting the potential for illegal abuse of Bitcoin, that raise the hackles as much as the off the cuff “not a fan” remark – because time and again, as policy gets made in capricious and sudden ways, observers note the ambiguity and arbitrary nature of POTUS actions and look carefully at the future.
However, others have taken the President’s words as a potential ballast for the BTC world.
“Now, Trump has made bitcoin a valid issue, there’s nothing stopping these and others in the race to the White House making bitcoin and crypto a bigger part of their campaigns,” wrote Billy Brambough at Forbes July 13.
Others have suggested Democratic contenders for the 2020 race, such as Andrew Yang, might get some political juice off of embracing crypto.
Look for this issue to heat up as the long electoral season commences.
