“You’d have to shut down the Internet” to ban Bitcoin, says SEC’s Hester Peirce


Any of the government’s efforts to ban Bitcoin would be “foolish,” said Hester Peirce (aka “Crypto Mom”), a very Bitcoin-friendly commissioner at the U.S. Securities and Exchange Commission (SEC), during a MarketWatch virtual conference earlier this week.

“I think we were past that point very early on because you’d have to shut down the Internet,” Peirce said, adding, “I don’t see how you could ban it. You could certainly make the effort. It would be very hard to stop people from [trading Bitcoin]. So I think it would be a foolish thing for the government to try to do that.”

The statement came on the heels of Ray Dalio, a billionaire investor and founder of Bridgewater Associates, arguing that there’s “a good probability” that governments around the world would ban Bitcoin and other cryptocurrencies.

Dalio told Yahoo Finance:

“Every country treasures its monopoly on controlling the supply and demand. They don’t want other monies to be operating or competing, because things can get out of control. They outlawed gold, that’s why also outlawing Bitcoin is a good probability.”

However, according to Peirce, the main issue for authorities—at least when it comes to cryptocurrencies—is to find an approach to regulation that would be productive and non-restrictive at the same time. She noted:

“We’ve seen other countries take, I would say, a more productive approach. We really need to turn that around. And I’m optimistic, with a new chairman coming in with a deep knowledge of these markets, that is something we could do together—build a good regulatory framework.”

At the same time, Peirce also pointed out that she doesn’t know when—or if—a Bitcoin exchange-traded fund (ETF) will finally be approved in the U.S. Recently, we’ve seen a new wave of major investment companies, such as Fidelity Investments, SkyBridge Capital, and VanEck, filing their applications for Bitcoin ETFs with the SEC.

The regulator, however, never approved a single filing of this kind so far.

The post “You’d have to shut down the Internet” to ban Bitcoin, says SEC’s Hester Peirce appeared first on CryptoSlate.



Source link

Latest articles

Norway’s minister of climate Sveinung Rotevatn is a Bitcoin ‘hodler’

Norway’s minister of climate and environment Sveinung Rotevatn sits on a stack of Bitcoin, he revealed in an interview this week.“...

Here’s two important reasons why Cardano (ADA) hit an all-time high today

Here's two important reasons why Cardano (ADA) hit an all-time high today Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR,...

Korean crypto exchanges could face harsh laws if new proposal is passed

The ruling party of South Korea has proposed a new bill that aims to limit crypto-related companies’ ability to trade digital...

Another U.S. publicly listed company just bought $7 million in Bitcoin

MercadoLibre (Nasdaq: MELI), Latin America’s leading e-commerce technology company, has purchased a small amount of Bitcoin, as per a filing yesterday...

Related articles

Leave a reply

Please enter your comment!
Please enter your name here