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About the same as when government declares the moon is actually made of cheese. Cryptocurrency protocols are decentralized, with nobody in charge, nobody to arrest. All they can do is harass people at the on-ramps (transacting cash for crypto), which just highlights the vulnerability of people using cash. In my prior post I emphasized the ability of law enforcement to trace crypto, but if they incentivize the general public to go fully anonymous, we will just do so en masse using mixers, decentralized exchanges (DEXs) and anonymous currencies like Monero. And then the government can pound sand.

Really, this is a battle we all expected from the beginning, but surprisingly it never came to pass. There won't be a general ban now, with tens of millions of people holding crypto. I get the impression crypto skeptics have no idea how broad the userbase already is. There are hundreds of millions of people using it globally. In some countries like Turkey a flat majority of adults hold bitcoin. Wall Street is in too deep now with the success of ETFs to stand for a ban.

And the bans have little or no effect, as evidenced by China regularly issuing shrill warnings and denunciations to its own citizens about use of crypto, despite banning it years ago. It's gotten to be a joke.