ban bitcoin, Ban Cryptocurrencies, Banning Bitcoin, banning cryptocurrencies, bitcoin etf, Crypto Mom, hester peirce, SEC, sec approves bitcoin etfs, SEC Commissioner

SEC Commissioner Hester Peirce believes that the U.S. government cannot ban bitcoin, stating that “it’s very difficult to ban something that’s essentially a peer-to-peer technology.†The commissioner is hopeful that with the new chairman who has deep knowledge of bitcoin and cryptocurrencies, the SEC can take a fresh look at some of the reasons used to reject bitcoin exchange-traded funds (ETFs).

SEC Commissioner Says ‘Very Difficult’ to Ban P2P Technology

Hester Peirce, a commissioner at the U.S. Securities and Exchange Commission (SEC) who is also known in the crypto community as “crypto mom,†was asked whether there is a possibility that the Biden administration could ban bitcoin in an interview with Fox Business’ Charles Gasparino on Thursday.

With new cryptocurrency regulations in the works, investors are concerned whether the government will ban cryptocurrencies, including bitcoin. Some people have warned that governments can outlaw bitcoin if it becomes a risk to their financial systems. Among them are Bridgewater Associates founder Ray Dalio, The Big Short’s Michael Burry, and Ron Paul.

A bitcoin proponent, Peirce has been advocating for the SEC to approve bitcoin ETFs. Regarding the possibility of banning bitcoin in the U.S., the commissioner opined:

Commissioner Peirce previously said that the government would be “foolish†to try to ban bitcoin, likening it to shutting down the internet.

The U.S. government is concerned about cryptocurrencies being used in illicit activities. Treasury Secretary Janet Yellen has said several times that cryptocurrencies are mainly used for illicit financing. She also said previously that the Treasury will work with other regulators to come up with appropriate regulations for the crypto space.

Fox Business recently reported that crypto regulation may start from the Treasury and the SEC is waiting for direction on broad regulatory policies on cryptocurrencies from the Treasury.

The SEC also has a new chairman; Gary Gensler was confirmed to lead the commission last week. He has deep knowledge of bitcoin and cryptocurrencies, having taught classes on the subject at the Massachusetts Institute of Technology (MIT). Gensler is also a former chairman of the Commodity Futures Trading Commission (CFTC). He is expected to impose a fair amount of regulation on cryptocurrencies. Last week the U.S. House of Representatives passed a bill mandating that the SEC and the CFTC establish a working group focused on digital assets.

Regarding the possibility of the SEC approving a bitcoin ETF this year, Peirce said, “With the new chairman, we will be able to take a fresh look at some of the reasoning that we used to deny bitcoin exchange-traded products in the past.†She added: “Frankly, Canada is ahead of us now. Not only they have bitcoin exchange-traded products, but they also have exchange-traded products based on ether.â€

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

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Du lịch nhật bản, hướng dẫn du lịch Nhật và đánh giá địa điểm Nhật Bản Japan travel news, japan travel guides, japan holiday destinations and japan reviews

RELATED NEWS

US SEC Has Brought 75 Enforcement Actions on Crypto Industry

The U.S. Securities and Exchange Commission (SEC) has brought 75 enforcement actions against companies and individuals in the crypto industry so far, according to a new report by Cornerstone Research. The agency also brought 19 trading suspension orders against digital asset market participants, and 43 were litigated in U.S. district courts. 75 Crypto Enforcement Actions […]

Xem chi tiết: US SEC Has Brought 75 Enforcement Actions on Crypto Industry

SEC to Scrutinize Funds Invested in Bitcoin Futures

The U.S. securities watchdog has announced it will scrutinize mutual funds that include investments in bitcoin futures markets to verify funds that comply with the Investment Company Act. The institution warned about the dangers of investing in bitcoin futures markets due to the implicit volatility of the underlying asset. SEC Warns Funds About Bitcoin Futures […]

Xem chi tiết: SEC to Scrutinize Funds Invested in Bitcoin Futures

Elon Musk Hints at Tesla Accepting Dogecoin for Payments

Elon Musk, also referred to in social media as the ‘Dogefather,’ due to its affiliation with the Dogecoin currency, has hinted Tesla could start accepting the currency as a payment for its cars. The company, which is now accepting bitcoin as payment for its cars and holds it as part of its reserves, could also […]

Xem chi tiết: Elon Musk Hints at Tesla Accepting Dogecoin for Payments

New SEC Chairman Unveils Policies for Cryptocurrencies, Calls Bitcoin ‘Scarce Store of Value’

The new chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has shared his view on how the SEC plans to regulate cryptocurrencies, particularly bitcoin. He calls bitcoin “a digital, scarce store of value†and stresses the need to put in place some investor protections for this asset class. New SEC Chairman Talks […]

Xem chi tiết: New SEC Chairman Unveils Policies for Cryptocurrencies, Calls Bitcoin ‘Scarce Store of Value’

Wealth Manager Vaneck Files Application for an Ethereum ETF, Aims for Cboe BZX Listing

Public documents show the wealth manager Vaneck has applied for an ethereum based exchange-traded fund (ETF). Vaneck Digital Assets’ Form S-1 filing with the Securities and Exchange Commission (SEC) was filed on May 7, while the company’s bitcoin-based ETF is still under review. While Waiting for Approval for Its Bitcoin ETF, Vaneck Files With the […]

Xem chi tiết: Wealth Manager Vaneck Files Application for an Ethereum ETF, Aims for Cboe BZX Listing

New SEC Chairman Unveils Policies for Cryptocurrencies, Calls Bitcoin ‘Scarce Store of Value’

The new chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has shared his view on how the SEC plans to regulate cryptocurrencies, particularly bitcoin. He calls bitcoin “a digital, scarce store of value†and stresses the need to put in place some investor protections for this asset class. New SEC Chairman Talks […]

Xem chi tiết: New SEC Chairman Unveils Policies for Cryptocurrencies, Calls Bitcoin ‘Scarce Store of Value’

Wealth Manager Vaneck Files Application for an Ethereum ETF, Aims for Cboe BZX Listing

Public documents show the wealth manager Vaneck has applied for an ethereum based exchange-traded fund (ETF). Vaneck Digital Assets’ Form S-1 filing with the Securities and Exchange Commission (SEC) was filed on May 7, while the company’s bitcoin-based ETF is still under review. While Waiting for Approval for Its Bitcoin ETF, Vaneck Files With the […]

Xem chi tiết: Wealth Manager Vaneck Files Application for an Ethereum ETF, Aims for Cboe BZX Listing

Ghana Regulator Labels Crypto Transactions Illegal— Urges People to ‘Stay Away From Them’

Ghana’s Securities and Exchange Commission (SEC) recently warned residents of the West African country to avoid cryptocurrency transactions of any form. In the warning, the regulator reiterated that “cryptocurrencies are illegal in the country and are not regulated by the commission hence Ghanaians should stay away from them.†Risks Associated With Crypto In remarks made […]

Xem chi tiết: Ghana Regulator Labels Crypto Transactions Illegal— Urges People to ‘Stay Away From Them’

Turkey Drafting Crypto Regulation — Central Bank Says No Intention to Ban Cryptocurrencies

Quantum Fund Cofounder Jim Rogers Insists Governments Could Ban Cryptocurrencies

Ripple’s Chris Larsen Believes Bitcoin Dominance Could Fall Over Proof-of-Work’s Energy Consumption

Quantum Fund Cofounder Jim Rogers Insists Governments Could Ban Cryptocurrencies

Ripple’s Chris Larsen Believes Bitcoin Dominance Could Fall Over Proof-of-Work’s Energy Consumption

SEC Commissioner on Banning Bitcoin: ‘It’s Very Difficult to Ban Peer-to-Peer Technology’

SEC Accuses Ripple of Harassment, Asks Judge to Block Access to Some Discovery Records

SEC Accuses Ripple of Harassment, Asks Judge to Block Access to Some Discovery Records