Yerevan (CoinChapter.com) — Hester Peirce, the US Security and Exchange Commission’s commissioner, stands behind her belief that the regulatory watchdogs cannot ban cryptocurrencies such as Bitcoin, Ethereum, Cardano, and many others.
The “Crypto Mom” said during a panel discussion hosted by MarketWatch that her tenure as the top US securities regulator would bring clarity to the cryptocurrency sector about their regulatory obligations. She admitted that any attempts to demolish the sector wouldn’t work, hinting at top cryptocurrencies’ underlying technical frameworks that do not rely on central control.
The commissioner has been a strong supporter of cryptocurrencies and said that digital assets are “…going to be here to stay, and I would like us to set up a regulatory framework that works well for crypto” in her testimony speech on July 21st.
Bitcoin(BTC) came around in 2009 as a decentralized currency that one person, company, or government, does not control. It operates according to the blockchain that supports the currency. Some speculation in the US government to ban BTC altogether is on the table at all times.
But that’s easier said than done, as the crypto market cap approaches $2 trillion. Unlike Ms. Peirce, Congressman Bred Sherman suggested banning cryptocurrency in 2019. Senate Banking Committee Chairman Mike Crapo also voiced his opinion on banning crypto back in 2019. Excerpts:
“If the United States were to decide — and I’m not saying that it should — if the United States were to decide we don’t want cryptocurrency to happen in the United States and tried to ban it, I’m pretty confident we couldn’t succeed in doing that because this is a global innovation.”
According to Ms. Pierce, that would be “foolish” to attempt.
Ray Dalio, a billionaire investor, and hedge fund manager, differed with Ms. Peirce on the future of crypto.
He expressed the possibility for the US government to “outlaw” bitcoin and other cryptocurrencies. Dalio stated that there are precedents to back up his opinion. Like the “gold reserve act” of 1934, which deemed the possession of gold illegal for individuals, which leaves it entirely under governmental control.
Banning crypto in theory is possible. China is the biggest economy to outlaw owning, transferring, or trading digital assets. The government of India also put stringent regulations in place that might ban the use of digital currencies altogether.
In the meantime, the market cap of crypto is up to $2 trillion, and the value of digital assets keeps rising. Today the largest cryptocurrency, Bitcoin, is worth $57,750.
Photo by engin akyurt on Unsplash
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