How a TikTok Ban in the US Could Affect the Crypto Industry

The US government is contemplating a ban on the Chinese owned social media app, TikTok, and this raises some serious questions about the potential effects the ban could have on the larger crypto industry.

YouTuber CryptoWendyO recently theorized that the potential ban is not really about TikTok, but rather a way to go after the larger crypto industry, which could have massive implications for the global crypto market.

What We Know about the TikTok Ban

The US is currently discussing the possibility of a ban on TikTok, citing national security concerns. The app is hugely popular, particularly amongst millennials, and its parent companies are based in China, making the app a possible target for US governmental control.

Whether or not this ban goes through remains to be seen, as the details of the potential ban, including any restrictions and timelines, have yet to be announced.

CryptoWendyO’s Theory

YouTuber CryptoWendyO believes the US is using the looming threat of a ban on TikTok to go after the crypto space, stating that:

“Anytime something like this happens, you can be sure there’s a lot of hidden motives behind it. It’s not just about TikTok; it’s about getting access to a lot of sensitive data about the users who are involved in the crypto space.”

CryptoWendyO believes the US government is looking to gain access to users’ data, including their financial assets, and that the ban on TikTok could potentially be the first step in their move to gain control of the larger crypto economy.

How the Ban Could Affect the Crypto Industry

The exact implications of the potential ban are still unknown, but it is certain that the ramifications could be huge. The power of the US government could be used to influence the larger crypto industry in a myriad of ways, potentially even changing the course of many of the emerging technologies coming out of the space.

On the other hand, CryptoWendyO believes that a ban would ultimately be beneficial for the space, as it would encourage awareness and a shift away from centralized financial services that can be easily controlled by US governmental entities.

Final Thoughts

Only time will tell how the US ban on TikTok will pan out, and thus far no details of the potential ban have been made public. Regardless of the outcome, it is certain that the crypto space will be impacted, and it is important to stay vigilant and informed of the latest developments.