THELOGICALINDIAN - SEC Commissioner Hester Peirce compares banning bitcoin to shutting bottomward the internet advertence that governments would be absurd to try She additionally offers some insights into whether the SEC will accept a bitcoin exchangetraded armamentarium ETF this year
Governments Would Be Foolish to Try to Ban Bitcoin
U.S. Balance and Exchange Commission (SEC) Commissioner Hester Peirce aggregate her appearance of governments banning bitcoin and cryptocurrency adjustment in an account at Marketwatch’s Investing in Crypto accident aftermost week. She was additionally asked about the likelihood of the balance regulator acknowledging bitcoin exchange-traded funds (ETFs) this year.
Peirce, sometimes accepted as “crypto mom,” has been pushing for the SEC to accept a bitcoin ETF for several years. She was asked during the account whether banning cryptocurrencies is a achievability back some bodies still accept that governments can consistently ban bitcoin, including Bridgewater Associates architect Ray Dalio, The Big Short’s Michael Burry, and Ron Paul. The abettor replied:
She acicular out nonetheless that governments “could absolutely accomplish the effort” to ban bitcoin or added cryptocurrencies. She explained that “A government could say it’s not accustomed actuality but bodies would still be able to do it and it would be actual adamantine to stop bodies from accomplishing it.”
However, the abettor fatigued that there is “A bigger problem” in banning cryptocurrency, which “is that we would be missing out on the addition about bitcoin and added agenda assets if we absitively to try to stop them.”
Will the SEC Approve Bitcoin ETFs This Year?
Commissioner Peirce was additionally asked if this year is the year the SEC will accept a bitcoin exchange-traded armamentarium (ETF) as abounding investors are expecting. “That is the big catechism that anybody has,” she replied, abacus that her acknowledgment is the aforementioned one that she’s had for the aftermost three years, “which is I don’t know.”
She acclaimed that the SEC is in a aeon of alteration with a new chairman, Gary Gensler, acceptable to be accepted in the abutting brace of weeks and acceptable to alpha anon thereafter. “That will accomplish a big aberration in this catechism of whether and back an exchange-traded artefact gets approved,” the abettor opined.
As for the bitcoin market, Peirce detailed:
Peirce again acicular out that Canada has already approved some bitcoin ETFs. “You are seeing abundant added institutional captivation in the basal market,” she noted, abacus that these are “the blazon of things that ability accomplish us adequate in agreement of how that basal bazaar works.”
The abettor emphasized: “The bitcoin bazaar is never gonna attending like an disinterestedness market, for example, so I anticipate aggravating to appoint that affectionate of a anatomy on the basal bazaar is inappropriate. That was what was hinted at in some of those above-mentioned disapprovals.”
Commenting on how added countries may be advanced of the U.S. in agreement of innovation, Peirce said:
“Our access has been abundant added of a ‘say no and acquaint bodies to wait’ approach,” she described. “So I anticipate we absolutely charge to about-face it around, be accommodating to work, to body a framework that is adapted for this industry. I’m optimistic that with the new administrator advancing in, who has abysmal ability of these markets, the crypto markets, that is article that we could do together, to body a acceptable authoritative framework.”
Do you accede with SEC Commissioner Peirce that governments would be absurd to try to ban bitcoin? Let us apperceive in the comments area below.
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