Efforts by governments to ban Bitcoin trading would require an internet shutdown. This view was presented by SEC Commissioner Hester Peirce in a MarketWatch-hosted podcast.
“We have reached the right moment [a ban on Bitcoin in the US]. It would require tremendous effort. I think that from the government’s side, attempts to ban the first cryptocurrency would be foolish.”, — she said.
Earlier, such a possibility was floated by Bridgewater Associates Ray Dalio. Opposing views are held by Charles Hoskinson, CEO of IOHK—the company behind Cardano, and Barry Silbert, head of Grayscale Investments.
During the interview, Peirce repeated the view that the United States remains a follower in digital-asset regulation. The emergence of Gary Gensler as the new chair of the SEC could steer this process “in the right direction”.
The commissioner is confident that technology will outpace governments’ efforts to restrict the use of Bitcoin. Users will always be able to open a wallet, run a node, and transact, provided they have internet access.
Peirce believes that in the foreseeable future there is a greater chance of forming a clearer regulatory regime for cryptocurrencies.
“Other countries have a more productive approach. I am optimistic about the new head of the SEC. He has a sufficiently deep understanding of how markets operate; we can build a solid regulatory base.”, — she said.
Peirce declined to name the timelines for Bitcoin-based ETFs in the United States.
Earlier, Hester Peirce stated that the market is ready for the launch of a Bitcoin-ETP.
In remarks, Janet Yellen said she would monitor the cryptocurrency market closely. She intends to curb the use of digital currencies for illicit purposes.
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