SEC Commissioner Hester Peirce believes that the U.S. authorities can’t ban bitcoin, stating that “it’s very tough to ban one thing that’s basically a peer-to-peer expertise.” The commissioner is hopeful that with the brand new chairman who has deep data of bitcoin and cryptocurrencies, the SEC can take a recent take a look at among the causes used to reject bitcoin exchange-traded funds (ETFs).
SEC Commissioner Says ‘Very Difficult’ to Ban P2P Technology
Hester Peirce, a commissioner on the U.S. Securities and Exchange Commission (SEC) who can also be identified within the crypto neighborhood as “crypto mother,” was requested whether or not there’s a chance that the Biden administration might ban bitcoin in an interview with Fox Business’ Charles Gasparino on Thursday.
With new cryptocurrency laws within the works, traders 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 programs. Among them are Bridgewater Associates founder Ray Dalio, The Big Short’s Michael Burry, and Ron Paul.
A bitcoin proponent, Peirce has been advocating for the SEC to approve bitcoin ETFs. Regarding the potential for banning bitcoin within the U.S., the commissioner opined:
I feel it’s very tough to ban one thing that’s basically a peer-to-peer expertise. I feel the aim, as with all expertise, is to forestall folks from utilizing it for illicit functions and solely permit them to use it for authorized functions. That’s what I anticipate to occur.
Commissioner Peirce beforehand stated that the federal government could be “silly” to strive to ban bitcoin, likening it to shutting down the web.
The U.S. authorities is anxious about cryptocurrencies being utilized in illicit actions. Treasury Secretary Janet Yellen has stated a number of instances that cryptocurrencies are primarily used for illicit financing. She additionally stated beforehand that the Treasury will work with different regulators to give you acceptable laws for the crypto house.
Fox Business just lately reported that crypto regulation could 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 lead the fee final week. He has deep data of bitcoin and cryptocurrencies, having taught courses on the topic on the Massachusetts Institute of Technology (MIT). Gensler can also be a former chairman of the Commodity Futures Trading Commission (CFTC). He is predicted to impose a good quantity of regulation on cryptocurrencies. Last week the U.S. House of Representatives handed a invoice mandating that the SEC and the CFTC set up a working group centered on digital property.
Regarding the potential for the SEC approving a bitcoin ETF this yr, Peirce stated, “With the brand new chairman, we will probably be ready to take a recent take a look at among the reasoning that we used to deny bitcoin exchange-traded merchandise up to now.” She added: “Frankly, Canada is forward of us now. Not solely they’ve bitcoin exchange-traded merchandise, however in addition they have exchange-traded merchandise based mostly on ether.”
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