‘It’s Very Difficult to Ban Peer-to-Peer Technology’ – Regulation Bitcoin News


SEC Commissioner Hester Peirce believes the US government cannot ban Bitcoin, stating that “it is very difficult to ban what is essentially a peer-to-peer technology.” The commissioner is confident that with the new chairman, who has an in-depth knowledge of Bitcoin and cryptocurrencies, the SEC can reconsider some of the reasons behind the rejection of Bitcoin Exchange Traded Funds (ETFs).

SEC commissioner says it is “very difficult” to ban P2P technology

Hester Peirce, a commissioner for the US Securities and Exchange Commission, also known as “Crypto Mom” ​​in the crypto community, was asked in an interview with Fox Business whether the Biden administration might be Could ban Bitcoin. Charles Gasparino on Thursday.

With new regulations on cryptocurrencies, investors are concerned about whether the government will ban cryptocurrencies, including Bitcoin. Some people have warned that governments can ban Bitcoin if it poses a risk to their financial systems. Among them are Ray Dalio, founder of Bridgewater Associates, Michael Burry of The Big Short, and Ron Paul.

Bitcoin proponent Peirce has campaigned for the SEC to approve Bitcoin ETFs. Regarding the possibility of banning bitcoin in the US, the commissioner said:

I think it is very difficult to ban what is essentially a peer-to-peer technology. I think the goal, as with any technology, is to prevent people from using it for illegal purposes and only allow them to use it for legal purposes. I expect that.

Commissioner Peirce previously said the government was “stupid” banning Bitcoin, comparing it to shutting down the internet.

The US government is concerned that cryptocurrencies are being used for illegal activities. Treasury Secretary Janet Yellen has said several times that cryptocurrencies are mainly used for illegal funding. She also previously said that the Treasury Department will work with other regulators to work out appropriate regulations for the crypto space.

Fox Business recently reported that crypto regulation may come from the Treasury Department and the SEC is awaiting instructions from the Treasury Department on comprehensive cryptocurrency regulation guidelines.

The SEC also has a new chairman; Gary Gensler was confirmed as head of the commission last week. He has an in-depth knowledge of Bitcoin and cryptocurrencies and has taught courses on the subject at the Massachusetts Institute of Technology (MIT). Gensler is also a past chairman of the Commodity Futures Trading Commission (CFTC). It is expected to regulate cryptocurrencies to a reasonable extent. Last week the US House of Representatives passed law requiring the SEC and the CFTC to set up a working group to deal with digital assets.

Regarding the possibility of the SEC approving a Bitcoin ETF this year, Peirce said, “With the new chairman, we can take a fresh look at some of the reasons we have historically rejected Bitcoin-traded products. “She added,” Honestly, Canada is now ahead of us. Not only do they have Bitcoin exchange-traded products, but they also have ether-based exchange-traded products. “

Do you think the government can ban Bitcoin? Let us know in the comments below.

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