What would you do if the US banned crypto?

Elizabeth Warren is now officially running on a platform to cripple crypto, declaring that she’s “building an anti-crypto army”. The SEC is equally intent on dismantling crypto as we know it today. The Biden administration only last week declared that cryptocurrencies have no inherent value.

Imagine a scenario where the US government decides to ban all forms of cryptocurrency in the country. They pass a law that prohibits the use, possession, and transfer of any digital asset that is not issued or approved by the federal reserve. They also shut down all the exchanges, self-custody wallets, and node providers that operate in the US or serve US customers. They ban US banks from allowing people to send or receive money to or from crypto platforms. And they criminalize any on/off ramps from fiat currency to crypto.

In this scenario, the US would effectively cut off its citizens from the global crypto ecosystem. However, that does not mean that crypto would die. People from other parts of the world would still maintain the blockchains and process transactions. Crypto would still exist and function, but it would be much harder for Americans to access and use it.

So, what would you do if this happened? Would you stop using crypto altogether? Would you sell your coins and tokens before the ban takes effect? Would you move to another country where crypto is legal and accepted? Or would you find ways to circumvent the ban and continue using crypto?

If you choose the latter option, how would you go about it? How would you acquire and store your crypto without relying on exchanges or wallets? How would you send and receive crypto without exposing yourself to legal risks? How would you convert your crypto to fiat or vice versa without using on/off ramps?

These are some of the questions that I think are worth discussing in this hypothetical scenario because this determines if the US can ever practically and successfully implement a prohibition on crypto.