SEC Commissioner Hester Peirce believes that the U.S. authorities can not ban bitcoin, stating that “it’s very tough to ban one thing that’s primarily a peer-to-peer know-how.” The commissioner is hopeful that with the brand new chairman who has deep data of bitcoin and cryptocurrencies, the SEC can take a contemporary have a look at a few of the causes used to reject bitcoin exchange-traded funds (ETFs).
SEC Commissioner Says ‘Very Troublesome’ to Ban P2P Expertise
Hester Peirce, a commissioner on the U.S. Securities and Trade Fee (SEC) who can also be recognized within the crypto group as “crypto mother,” was requested whether or not there’s a risk that the Biden administration may ban bitcoin in an interview with Fox Enterprise’ Charles Gasparino on Thursday.
With new cryptocurrency regulations within the works, buyers are involved whether or not the federal government will ban cryptocurrencies, together with bitcoin. Some folks have warned that governments can outlaw bitcoin if it turns into a threat to their monetary methods. Amongst them are Bridgewater Associates founder Ray Dalio, The Huge Quick’s Michael Burry, and Ron Paul.
A bitcoin proponent, Peirce has been advocating for the SEC to approve bitcoin ETFs. Concerning the potential for banning bitcoin within the U.S., the commissioner opined:
I believe it’s very tough to ban one thing that’s primarily a peer-to-peer know-how. I believe the purpose, as with every know-how, is to forestall folks from utilizing it for illicit functions and solely enable them to make use of it for authorized functions. That’s what I count on to occur.
Commissioner Peirce beforehand stated that the federal government could be “foolish” to attempt to ban bitcoin, likening it to shutting down the web.
The U.S. authorities is worried about cryptocurrencies being utilized in illicit actions. Treasury Secretary Janet Yellen has stated a number of occasions that cryptocurrencies are primarily used for illicit financing. She additionally stated beforehand that the Treasury will work with different regulators to give you appropriate regulations for the crypto house.
Fox Enterprise lately reported that crypto regulation might begin from the Treasury and the SEC is ready for path on broad regulatory insurance policies on cryptocurrencies from the Treasury.
The SEC additionally has a brand new chairman; Gary Gensler was confirmed to steer the fee final week. He has deep data of bitcoin and cryptocurrencies, having taught lessons on the topic on the Massachusetts Institute of Expertise (MIT). Gensler can also be a former chairman of the Commodity Futures Buying and selling Fee (CFTC). He’s expected to impose a good quantity of regulation on cryptocurrencies. Final week the U.S. Home of Representatives passed a invoice mandating that the SEC and the CFTC set up a working group centered on digital property.
Concerning the potential for the SEC approving a bitcoin ETF this 12 months, Peirce stated, “With the brand new chairman, we will take a contemporary have a look at a few of the reasoning that we used to disclaim bitcoin exchange-traded merchandise prior to now.” She added: “Frankly, Canada is forward of us now. Not solely they’ve bitcoin exchange-traded products, however additionally they have exchange-traded merchandise based mostly on ether.”
Do you assume the federal government can ban bitcoin? Tell us within the feedback part beneath.
Picture Credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This text is for informational functions solely. It isn’t a direct supply or solicitation of a suggestion to purchase or promote, or a advice or endorsement of any merchandise, companies, or firms. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the creator is accountable, instantly or not directly, for any injury or loss induced or alleged to be brought on by or in reference to the usage of or reliance on any content material, items or companies talked about on this article.