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Crypto prices are down across the board today after China announced it is banning virtually all activity related to the cryptocurrency industry.

In a document co-signed by numerous state institutions, the Chinese government blames fraud and other illegal activities as rationale for the crackdown.

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The policy brief says,

“Virtual currency trading… activities have risen, disrupting economic and financial order, breeding illegal and criminal activities such as gambling, illegal fund-raising, fraud, pyramid schemes, and money laundering.

In order to further prevent and deal with the risks of virtual currency trading speculation, and effectively maintain national security and social stability… Virtual currencies such as Bitcoin [BTC], Ethereum [ETH], and Tether [USDT]… are not legally reparable, and should not and cannot be used as currency in the market.

Financial institutions and non-bank payment institutions shall not provide services for virtual currency-related business activities.”

China plans to “severely crack down on illegal financial activities related to virtual currencies,” with criminal violators subject to “investigation and punishment according to law.”

United States Senator Pat Toomey sees the ban as an opportunity for the US to expand its dominance in the tech industry.

The Pennsylvania Republican added,

“Beijing is so hostile to economic freedom they cannot even tolerate their people participating in what is arguably the most exciting innovation in finance in decades.

Economic liberty leads to faster growth, and ultimately, a higher standard of living for all.”

The anti-cryptocurrency measure’s ten co-signatories include the People’s Bank of China, Ministry of Public Security, and Securities Regulatory Commission.

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Over the past 24 hours BTC is lower by 3.9% and valued at $42,025, while ETH is down 6.6% to $2,898, according to Coingecko.

China has taken a hard line against digital assets this year, including recently banning crypto mining.

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