Hester Pierce, a senior official with the US Securities and Exchange Commission (SEC), said the US government could not ban bitcoin.
to the the report Newsdatcoin, Hester Pierce, a senior official with the US Securities and Exchange Commission, gave an interview to Fox Business on Thursday. In this interview, he was asked whether the government of Joe Biden might ban bitcoin. In response to this question, he said:
Bitcoin is a peer-to-peer technology, and for this reason it is virtually impossible to ban it. I think the government’s goal is, like any other technology, not to use bitcoins and digital currencies for criminal and illegal activities. This is what I imagine and expect.
It is interesting to note that Pierce is referred to as the “mother of digital currencies”.
With the news of new digital currency legislation coming in, some are worried that governments will ban digital currencies. Some also believe that if digital currencies become a threat to governments’ financial systems, they will most likely be banned; The most famous of these are Ray Dalio, Micheal Burry and Ron Paul.
However, Hester Pierce, himself a proponent of bitcoin and digital currencies, is more optimistic and is even trying to get the US Securities and Exchange Commission to accept Bitcoin exchange traded funds (ETFs).
Pierce had previously likened the attempt to ban bitcoin to “shutting down the Internet” and calling it “stupid.”
Of course, US government concerns about the use of bitcoin for criminal purposes remain. US Treasury Secretary Jannet Yellen has repeatedly pointed out that digital currencies are mainly used for illicit financial activities. He also said that the US Treasury Department, in cooperation with other legal entities, will establish appropriate regulations for digital currencies.
With that said, it seems that potential legislation in the field of digital currencies starts with the US Treasury Department, not the US Securities and Exchange Commission. It seems that the stock exchange commission is also waiting for the approach of larger legislative bodies such as the Ministry of Treasury.
The interview also asked Pierce about the possibility of accepting tradable funds on the Bitcoin exchange. In response, he referred to Gray Gensler, the new chairman of the US Securities and Exchange Commission, and said that such a move was possible despite Gensler’s presidency. According to Pierce, Gansler has a deep insight into digital currencies. He is a former chair of the American Commodity Trading Commission (CFTC) and has taught many courses in Bitcoin and digital currencies at MIT. For this reason, Pierce expressed the hope that the Exchange Commission’s reasons for not accepting tradable funds on the Bitcoin Exchange would be re-examined (and revised if necessary).
It should be noted that last week, the US House of Representatives passed a bill that called on the US Securities and Exchange Commission and the US Securities and Exchange Commission to work together to form a working group to focus on digital assets.
Finally, Pierce noted that Canada has done better than the United States in regulating and accepting digital currencies. He said in this regard:
To be honest, Canada is ahead of us in this regard. They support both Bitcoin and tradable Ether products.