Efforts by governments to ban bitcoin trading will require shutting down the internet. This opinion was presented by the Commissioner of the US Securities and Exchange Commission (SEC) Hester Peirce in a podcast organized by MarketWatch.
“We have passed the right moment to ban bitcoin in the US. It will take incredible effort. I think that on the part of the government, it would be foolish to try to ban the first cryptocurrency,” she said.
Bridgewater Associates founder Ray Dalio had previously allowed such an opportunity. Charles Hoskinson, CEO of the IOHK company behind Cardano, and Barry Silbert, head of Grayscale Investments, hold opposite views.
During the conversation, Pearce reiterated the view that the United States remains in a catch-up role in digital asset regulation. The appearance of Gary Gensler in the SEC as the new chairman could put this process on the right track.
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The Commissioner is confident that technology will outpace government efforts to restrict the use of bitcoin. Users will always have the opportunity to open a wallet, launch a node and make transactions if they have access to the Internet.
Peirce believes there is a better chance of clearer regulation of cryptocurrencies for the foreseeable future.
“Other countries have a more productive approach. I am optimistic about the new head of the SEC. He has a fairly deep understanding of the structure of markets, we can create a good regulatory framework,” she explained.
Peirce found it difficult to name the timing of the emergence of exchange-traded funds (ETFs) based on bitcoin in the United States.
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Earlier, Hester Peirce stated that the market is ready to launch Bitcoin-ETP.
Recall, US Treasury Secretary Janet Yellen promised to closely monitor the cryptocurrency market. She intends to reduce the use of digital currencies for criminal purposes.