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SEC Commissioner expects the government to regulate but not ban Bitcoin (BTC)

SEC Commissioner Hester Peirce said that it would be hard for the government to ban peer-to-peer technology.

SEC Headquarters / Image by: Securities and Exchange Commission/Flickr

Mon, 26 Apr 2021, 15:00 pm UTC

With the Biden administration reportedly working on a new crypto regulatory framework, members of the crypto community are concerned about whether or not the government will ban cryptocurrencies like some countries. However, SEC Commissioner Hester Peirce believes that a U.S. ban on Bitcoin (BTC) will not happen as it’s very hard to ban its underlying technology.

Hester Peirce, a commissioner at the U.S. Securities and Exchange Commission (SEC), is known for her pro-crypto stance and for advocating for the SEC to approve Bitcoin ETFs. In an interview with Fox Business’ Charles Gasparino on Thursday, the commissioner was asked if there is a possibility for the Biden administration to impose a ban on crypto.

Peirce opined that it is difficult for the government to ban peer-to-peer technology. She added that the likely scenario is for the government to pass regulations to ensure that crypto will not be used in illegal activities.

“I think it’s very difficult to ban something that’s essentially a peer-to-peer technology,” Peirce said, according to Bitcoin.com. “I think the goal, as with any technology, is to prevent people from using it for illicit purposes and only allow them to use it for legal purposes. That’s what I expect to happen.”

Peirce was also asked about the likelihood of the SEC approving a BTC ETF this year. She responded that under the new chairman, the SEC will likely take a new approach when evaluating the product.

“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,” Peirce answered. “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.”

Former Commodity Futures Trading Commission (CFTC) chairman Gary Gensler has been confirmed as the new SEC chairman last week. He is knowledgeable on cryptocurrencies having taught on the subject at the Massachusetts Institute of Technology (MIT).

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