A Bitcoin Government Ban Would Be “Foolish”: Hester Peirce

The attempts to impose a Bitcoin government ban would only be foolish and won’t go well according to the Crypto Mom, Hester Peirce so let’s read more in our latest BTC news today.

She believes that if the government does decide to ban Bitcoin, they would have to shut down the internet. The SEC commissioner said that governments will have a hard time banning BTC and she also thinks that crypto regulation in the US has to change.

In a MarketWatch virtual panel discussion, How To Invest In Crypto, the Crypto Mom reiterated her belief that the US remains behind the rest of the world when it comes to regulation of digital assets. Peirce added that with the new SEC chairman Gary Gensler, things could change in the right direction:

 “I think we were past that point [of banning Bitcoin in the US] very early on because you’d have to shut down the internet. I don’t see how you could ban it. You could certainly make the effort. It would be very hard to stop people from doing it [trading Bitcoin]. So I think it would be a foolish thing for the government to try to do that.”

The idea of banning BTC and crypto is not really unrealistic according to some. Investor and Bridgewater Associates founder Ray Dalio said a few times already that the government bans on trading the cryptocurrency is likely. One British financial advisor set up a petition calling for the UK government to make crypto transactions illegal and India is perhaps one of the countries that is preparing to stop the citizens from holding the decentralized digital assets.

Hester Peirce said that in reality, this can be very hard to perform. The technology will outpace the government’s attempts to limit Bitcoin’s use as people will be able to download the BTC wallet, run a node and make transactions as long as they have access to the internet. But what should be coming in the medium term are clear BTC regulations. Peirce added that the US government was still behind the curve of regulation, saying:

 “We’ve seen other countries take, I would say, a more productive approach. We really need to turn that around.  And I’m optimistic with a new chairman coming in with a deep knowledge of these markets that is something we could do together—build a good regulatory framework.”