Apr 25, 2021 06:39 UTC
Apr 25, 2021 at 06:39 UTC
Securities & Exchange Commission Commissioner on Prohibition BTC: ‘It’s Very Problematic to Ban Peer-to-Peer Technology’
SEC Commissioner Hester Peirce trusts that the U.S. government can’t prohibited bitcoin, stating that “it’s very hard to ban something that’s basically a peer-to-peer technology.” The commissioner is confident that with the novel chairman who has deep information of bitcoin & cryptocurrencies, the SEC can income a new look at some of the reasons rummage-sale to reject bitcoin exchange-traded funds.
SEC Commissioner Speaks ‘Very Difficult’ to Prohibited P2P Technology
Hester Peirce, a commissioner at the U.S. Securities & Exchange Commission who is also recognized in the crypto community as “crypto mom,” was requested whether there is an option that the Biden administration might ban BTC in an interview with Fox Business’ Charles Gasparino on Thursday.
With novel cryptocurrency regulations in the works, investors are worried whether the government will ban cryptocurrencies, with bitcoin. few people have advised that governments can outlaw bitcoin if it develops a risk to their financial systems. Amongst them are Ray Dalio Bridgewater Associates creator, The Big Short’s Michael Burry, & Ron Paul.
A BTC advocate, Peirce has been advocating for the SEC to favor bitcoin ETFs. Concerning the option of banning BTC in the U.S., the commissioner orated:
I think it’s very tough to ban something that’s basically a peer-to-peer technology. I think the goalmouth, as with any technology, is to stop people from by means of it for illicit drives & only let them to use it for legal drives. That’s what I imagine to occur.
Commissioner Peirce before said that the government would be “foolish” to try to prohibition bitcoin, comparing it to shutting down the internet.
The U.S. government is worried about cryptocurrencies being rummage-sale in illicit activities. Treasury Secretary Janet Yellen has thought numerous times that cryptocurrencies are mostly rummage-sale for illicit financing. She also held before that the Treasury will work with other regulators to come up with suitable regulations for the crypto interplanetary.
Fox Business lately reported that crypto regulation might twitch from the Treasury & the SEC is to come for direction on broad regulatory policies on cryptocurrencies from the Treasury.
The SEC also has a novel chairman; Gary Gensler was long-established to principal the commission previous week. He has deep information of bitcoin & cryptocurrencies, having trained classes on the subject at the Massachusetts Institute of Technology. Gensler is also an ex-chairman of the Commodity Futures Trading Commission. He is predictable to levy a fair amount of regulation on cryptocurrencies. Previous week the U.S. House of Representatives approved a bill mandating that the SEC & the CFTC found a working group absorbed on digital assets.
Concerning the option of the SEC approving a bitcoin ETF this year, Peirce supposed, “With the new chairman, we will be bright to take a fresh look at some of the cognitive that we rummage-sale to deny bitcoin exchange-traded products in the past.” She further: “Frankly, Canada is fast of us now. Not only they have bitcoin exchange-traded products, but they also have exchange-traded products founded on ETH.”