China did impose a comprehensive ban on cryptocurrency trading and mining by 2021, prohibiting most crypto-related activity in the country. 【0search2】 However, this approach did not become the dominant model among major economies.

By late 2025:

• European Union: The EU adopted the Markets in Crypto-Assets (MiCA) regulation in 2023, fully applicable from December 2024. MiCA explicitly creates a comprehensive regulatory framework for crypto-asset markets to support adoption and protect investors, rather than banning them. 【1search19】【1search2】
• United States: On 10 January 2024 the SEC approved 11 spot bitcoin ETFs, allowing mainstream brokerage access to bitcoin and signaling regulatory integration of crypto into the financial system, not a "no more crypto" stance. 【0news17】【0search7】
• Japan: Japan has long recognized bitcoin as a legal payment method and, by 2025, is described as having one of the most comprehensive and proactive crypto regulatory frameworks. Authorities are moving to treat crypto as regulated financial products and have also implemented a stablecoin regulatory regime, again focusing on oversight and integration rather than prohibition. 【1search4】【1search21】【1news13】
• United Kingdom: UK policy documents emphasize a goal of being a global "crypto hub," with new legislation and FCA plans to bring crypto firms into the regulatory perimeter (while tailoring rules for the sector) instead of banning them outright. 【1search3】【1news15】
• India and others: India has not embraced crypto as fully as the U.S./EU/Japan, but recent government documents highlight reluctance to both fully integrate and outright ban crypto, acknowledging that bans would not stop decentralized or peer-to-peer activity; instead, activity is constrained under taxation and registration regimes. 【1news16】

Global overviews show that only a relatively small set of countries (mostly not the largest advanced economies) fully ban or heavily criminalize bitcoin/crypto, while the majority either allow it under regulation or maintain partial restrictions. 【0search2】【0search0】

Because four years after the prediction most major economies (U.S., EU, UK, Japan, etc.) have not adopted China-style bans or blanket "no more crypto" policies and instead are building regulatory and market infrastructure around crypto, Friedberg’s claim that governments would "all" end up saying that is incorrect as of November 30, 2025.