China has long been pro-blockchain and wary of crypto, and this is far from the first time that Beijing has cracked down on the industry. But China’s government seems to mean business this time, at least for shutting down cryptocurrency mining. Chinese miners seem to understand that protesting this policy is unlikely to change anything, and so they are already seeking their fortunes outside the country. 

The U.S. bill’s passage through the Senate, however, is just the beginning. Now lobbying efforts will focus on the House of Representatives, where the bill will be discussed next week. And if the language isn’t amended there, the crypto industry is not going to give up. Even if the legislation enacted as written, there’s still a chance the Treasury Department will interpret the expansive definition of the term “broker” in a favorably narrow way.

Now, with miners spreading all over the world, China’s influence over the Bitcoin network is declining.

We may soon see a day when no single government can have a major impact on the price of bitcoin. Given Bitcoin’s provenance as a decentralized currency that is immune to government control, that’s how it should be.