“You’d must shut down the Web” to ban Bitcoin, says SEC’s Hester Peirce
Any of the federal government’s efforts to ban Bitcoin could be “silly,” mentioned Hester Peirce (aka “Crypto Mother”), a really Bitcoin-friendly commissioner on the U.S. Securities and Change Fee (SEC), throughout a MarketWatch digital convention earlier this week.
“I feel we had been previous that time very early on since you’d must shut down the Web,” Peirce mentioned, including, “I don’t see how you might ban it. You might actually take the time. It might be very arduous to cease folks from [trading Bitcoin]. So I feel it might be a silly factor for the federal government to attempt to try this.”
The assertion got here on the heels of Ray Dalio, a billionaire investor and founding father of Bridgewater Associates, arguing that there’s “a very good likelihood” that governments all over the world would ban Bitcoin and different cryptocurrencies.
Dalio advised Yahoo Finance:
“Each nation treasures its monopoly on controlling the provision and demand. They don’t need different monies to be working or competing, as a result of issues can get uncontrolled. They outlawed gold, that’s why additionally outlawing Bitcoin is an efficient likelihood.”
Nonetheless, based on Peirce, the primary subject for authorities—at the very least on the subject of cryptocurrencies—is to seek out an method to regulation that will be productive and non-restrictive on the identical time. She famous:
“We’ve seen different international locations take, I might say, a extra productive method. We actually want to show that round. And I’m optimistic, with a brand new chairman coming in with a deep data of those markets, that’s one thing we might do collectively—construct a very good regulatory framework.”
On the identical time, Peirce additionally identified that she doesn’t know when—or if—a Bitcoin exchange-traded fund (ETF) will lastly be accredited within the U.S. Not too long ago, we’ve seen a brand new wave of main funding corporations, comparable to Constancy Investments, SkyBridge Capital, and VanEck, submitting their functions for Bitcoin ETFs with the SEC.
The regulator, nonetheless, by no means accredited a single submitting of this sort to this point.
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