SEC Commissioner on Banning Bitcoin: ‘It’s Very Difficult to Ban Peer-to-Peer Technology’

SEC Commissioner Hester Peirce thinks that the U.S. federal government cannot ban bitcoin, specifying that “it’s very difficult to ban something that’s basically a peer-to-peer innovation.” The commissioner is confident that with the brand-new chairman who has deep understanding of bitcoin and cryptocurrencies, the SEC can take a fresh appearance at a few of the factors utilized to decline bitcoin exchange-traded funds (ETFs).

SEC Commissioner Says ‘Very Difficult’ to Ban P2P Technology

Hester Peirce, a commissioner at the U.S. Securities and Exchange Commission (SEC) who is also understood in the crypto neighborhood as “crypto mama,” was asked whether there is a possibility that the Biden administration might ban bitcoin in an interview with Fox Business’ Charles Gasparino on Thursday.

With brand-new cryptocurrency policies in the works, financiers are worried whether the federal government will ban cryptocurrencies, consisting of bitcoin. Some individuals have actually alerted that federal governments can disallow bitcoin if it ends up being a threat to their monetary systems. Among them are Bridgewater Associates creator Ray Dalio, The Big Short’s Michael Burry, and Ron Paul.

A bitcoin advocate, Peirce has actually been promoting for the SEC to authorize bitcoin ETFs. Regarding the possibility of banning bitcoin in the U.S., the commissioner believed:

I believe it’s very difficult to ban something that’s basically a peer-to-peer innovation. I believe the objective, similar to any innovation, is to avoid individuals from utilizing it for illegal functions and just enable them to utilize it for legal functions. That’s what I anticipate to occur.

Commissioner Peirce formerly stated that the federal government would be “absurd” to attempt to ban bitcoin, comparing it to closing down the web.

The U.S. federal government is worried about cryptocurrencies being utilized in illegal activities. Treasury Secretary Janet Yellen has actually stated a number of times that cryptocurrencies are primarily utilized for illegal funding. She also stated formerly that the Treasury will deal with other regulators to create proper policies for the crypto area.

Fox Business just recently reported that crypto guideline might begin with the Treasury and the SEC is awaiting instructions on broad regulative policies on cryptocurrencies from the Treasury.

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The SEC also has a brand-new chairman; Gary Gensler was validated to lead the commission recently. He has deep understanding of bitcoin and cryptocurrencies, having actually taught classes on the topic at the Massachusetts Institute of Technology (MIT). Gensler is also a previous chairman of the Commodity Futures Trading Commission (CFTC). He is anticipated to enforce a reasonable quantity of guideline on cryptocurrencies. Last week the U.S. House of Representatives passed a costs mandating that the SEC and the CFTC develop a working group focused on digital properties.

Regarding the possibility of the SEC authorizing a bitcoin ETF this year, Peirce stated, “With the brand-new chairman, we will be able to take a fresh appearance at a few of the thinking that we utilized to reject bitcoin exchange-traded items in the past.” She included: “Frankly, Canada leads us now. Not just they have bitcoin exchange-traded items, however they also have actually exchange-traded items based on ether.”

Do you believe the federal government can ban bitcoin? Let us understand in the comments area below.

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