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

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

Any of the federal government’s efforts to ban Bitcoin could be “silly,” stated Hester Peirce (aka “Crypto Mother”), a really Bitcoin-friendly commissioner on the U.S. Securities and Change Fee (SEC), throughout a MarketWatch digital convention earlier this week.

“I feel we have been previous that time very early on since you’d must shut down the Web,” Peirce stated, including, “I don’t see how you possibly can ban it. You might definitely make an effort. It might be very laborious to cease individuals from [trading Bitcoin]. So I feel it might be a silly factor for the federal government to attempt to do this.”

The assertion got here on the heels of Ray Dalio, a billionaire investor and founding father of Bridgewater Associates, arguing that there’s “a very good likelihood” that governments world wide would ban Bitcoin and different cryptocurrencies.

Dalio advised Yahoo Finance:

“Each nation treasures its monopoly on controlling the availability and demand. They don’t need different monies to be working or competing, as a result of issues can get uncontrolled. They outlawed gold, that’s why additionally outlawing Bitcoin is an efficient likelihood.”

Nonetheless, based on Peirce, the principle difficulty for authorities—at the very least on the subject of cryptocurrencies—is to search out an method to regulation that may be productive and non-restrictive on the similar time. She famous:

“We’ve seen different international locations take, I might say, a extra productive method. We actually want to show that round. And I’m optimistic, with a brand new chairman coming in with a deep data of those markets, that’s one thing we may do collectively—construct a very good regulatory framework.”

On the similar time, Peirce additionally identified that she doesn’t know when—or if—a Bitcoin exchange-traded fund (ETF) will lastly be accepted within the U.S. Just lately, we’ve seen a brand new wave of main funding corporations, comparable to Constancy Investments, SkyBridge Capital, and VanEck, submitting their purposes for Bitcoin ETFs with the SEC.

The regulator, nonetheless, by no means accepted a single submitting of this type to date.

The put up “You’d must shut down the Web” to ban Bitcoin, says SEC’s Hester Peirce appeared first on CryptoSlate.

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