SEC Commissioner, Hester Peirce said it would be foolish for the U.S. government to ban Bitcoin. Attempts by the government to stop people from trading digital assets won’t go well, according to her. However, she remains optimistic that SEC’s new chairman will make a key difference towards clearer crypto regulation in the country.
I don’t See How You Could Ban Bitcoin: Hester Peirce
During a MarketWatch virtual panel discussion, Hester Peirce, affectionately also known as “Crypto Mom” among the crypto community, highlighted that it’s impossible to ban people from trading Bitcoin, even if the government tried to do so, saying:
“I don’t see how you could ban it. You could certainly make the effort. It would be very hard to stop people from doing it (trading Bitcoin). So I think it would be a foolish thing for the government to try to do that.”
“I think we were past that point of banning Bitcoin in the U.S. very early on because you’d have to shut down the internet.”, she adds.
Her remarks come at a time amid Billionaire investor Ray Dalio saying last month that there is a good probability of Bitcoin getting outlawed, similar to how the U.S. government banned gold ownership in the 1930s.
Crypto Mom Optimistic On Gary Gensler’s SEC Nomination
SEC Commissioner, Hester Peirce believes the United States is behind the curve in regulating digital assets in comparison to other countries.
“We’ve seen other countries take, I would say, a more productive approach. We really need to turn that around.”
She hopes that 2021 will mark a turning point towards cryptocurrency regulation. With the new, crypto-savvy, SEC Chairman Gary Gensler coming in, Peirce remains optimistic that things certainly will take a turn 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.”
Regulatory veteran Gary Gensler’s nomination for SEC chairman was approved by the Senate Banking Committee last month. His confirmation will make a big difference to whether a crypto ETF gets approved, according to Peirce.