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Banning crypto is a foolish thing to try to do, says SEC Commissioner

Hester Peirce likened banning crypto to shutting down the internet.

Image by: Wikipedia Commons

Fri, 16 Apr 2021, 04:36 am UTC

Governments all over the world have different approaches on how to regulate cryptos such as Bitcoin (BTC) and Ether (ETH) with some, such as India, are even reportedly mulling on banning its trade. However, U.S. SEC Commissioner Hester Peirce made her stance clear by saying that it would be foolish for governments to even try banning Bitcoin.

Peirce expressed her views on the possibility of governments banning Bitcoin and cryptos during Marketwatch’s Investing in Crypto event, according to Bitcoin.com. The SEC Commissioner also shared her insights on whether the regulator will approve Bitcoin exchange-traded funds (ETFs) this year.

Some players in the crypto industry have raised concerns over the possibility of governments imposing crypto bans. However, the SEC Commissioner said that it’s pointless at this point and likened it to trying to shut down the internet.

“I think we were past that point very early on because you would have to shut down the internet,” Peirce said. “As I’ve said in the past, I don’t see how you could ban it … I think that it would be a foolish thing for the government to try to do that.”

She noted that while some governments might try to ban cryptos, it won’t be effective. “A government could say it’s not allowed here but people would still be able to do it and it would be very hard to stop people from doing it,” Peirce explained.

In fact, banning cryptocurrency might be a step in the wrong direction. According to Peirce, doing so would a problem because “we would be missing out on the innovation around bitcoin and other digital assets if we decided to try to stop them.”

For several years now, Pierce has been for the SEC to approve a Bitcoin exchange-traded fund. During the event, she was asked if 2021 will be the year that a BTC ETF gets approved. Pierce said that she’s been asked the same question for years, the answer of “which is I don’t know.”

However, she said that with a new chairman, Gary Gensler, expected to be confirmed in the coming weeks, the SEC is in a period of transition. “That will make a big difference in this question of whether and when an exchange-traded product gets approved,” Pierce noted.

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