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Saturday, May 15, 2021

Bitcoin Ban Would Be “Stupid” According To Hester Peirce

While the US government might be able to ban Bitcoin as a crypto asset, it would be a very foolish decision according to Hester Peirce. The current Commissioner of the SEC believes that it would be an absolutely stupid decision of the government. In a virtual panel decision on MarketWatch, the lawyer- who has also been affectionately called the ‘Crypto Mom’ reaffirmed her sentiment that the USA was lagging quite behind the other countries when it came to digital asset regulation. 

Bitcoin Ban Will Be Pretty Difficult To Carry Out

But, she was quite happy with the selection of Gary Gensler as the Chairman of the SEC. According to Peirce, the Chairman had progressive look towards the future- which would help the crypto market move in the correct direction. 

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As far as banning Bitcoin goes, Peirce believes it to be an extremely rash decision, for the only way to do so would be by shutting down the Internet. She believes that there is no way one could do that- and if they couldn’t shut down the Internet for even a single day, people would keep trading in it. Since the entire point is moot, it would be pretty reckless of the government to attempt a ban. 

Bitcoin getting banned isn’t exactly a new idea- with several even thinking of it as a very realistic prospect. According to Ray Dalio, the CEO of Bridgewater Associates, such a step by the government will be pretty straightforward, with them banning several transactions on the trot. 

Hester Peirce is of the idea that banning the crypto sector can be pretty difficult- for just a very simple reason. The rate at which technology is growing would definitely overtake the attempts of the government to limit the use of Bitcoin. For, anyone with an internet connection would download software of Bitcoin wallet, while running a node. 

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