Any government attempt to ban Bitcoin would be “foolish,” said Hester Peirce (also known as “Crypto Mom”), a digital currency-friendly commissioner at the US Securities and Exchange Commission (SEC), during a conference via video conference.
“I think we got to that point very early on, because to do that, you have to shut down the internet,” Peirce said.
“I do not see how anyone could ban Bitcoin.
He could definitely make the effort.
It would be very difficult to stop people from trading with Bitcoin.
So I think it would be foolish for a government to do that.
Not only that, but the government will immediately eliminate the $ 2 trillion net worth – the cryptocurrency market cap – a fact that would have far-reaching implications, given that much of that wealth is now backed by debt, and such The government’s move will immediately destabilize this important market. “
Answer to Dalio
Peirce’s statement could be seen as a response to the apathy given by Bridgewater fund’s Ray Dalio, who said there was a good chance governments around the world would ban Bitcoin and other cryptocurrencies.
“Each country maintains its monopoly on controlling supply and demand.
“They do not want to run or compete for other money, because things can get out of hand,” he said.
However, according to Peirce, the main issue for regulators – at least with regard to cryptocurrencies – is to find an approach to regulations that would be both productive and restrictive,
“We have seen other countries take a more productive approach and with the new president, who has a deep knowledge of these markets, we could build a satisfactory regulatory framework,” Peirce added.
