Kevin Helms reports in bitcoin.com that SEC Commissioner Hester Peirce in an interview at Marketwatch’s Investing in Crypto event compared "banning bitcoin to shutting down the internet, stating that governments would be foolish to try.
She pointed out nonetheless that governments “could certainly make the effort” to ban bitcoin or other cryptocurrencies. She explained that “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.”
She thinks by banning Bitcoin & crypto “we would be missing out on the innovation around bitcoin and other digital assets if we decided to try to stop them.”
But some regulations are coming
Following is her stance on regulating crypto:
“Our approach has been much more of a ‘say no and tell people to wait’ approach, So I think we really need to turn it around, be willing to work, to build a framework that is appropriate for this industry. I’m optimistic that with the new chairman coming in, who has deep knowledge of these markets, the crypto markets, that is something that we could do together, to build a good regulatory framework.”
Do you believe regulations are good for Bitcoin and crypto industy?
Source credit and full story - https://news.bitcoin.com/sec-commissioner-banning-bitcoin-shutting-down-internet-government-foolish-to-try/
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Regulations are always going to come. Governments need to interfere in every aspect of our lives and some are probably even needed.
There does need to be something to stop all of the scams but hopefully it won't reach too far into our daily activities.
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Thanks for the comment. Yes, we can only hope that doesn't reach too far!
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Government is in the unenviable position of needing to support something for economic advantage over other nations, which will put them at a disadvantage in the long term regarding power over their own citizens.
Particularly here in the USA, I foresee the end of the dollar as a world reserve currency. With that comes much of the ability to enforce sanctions. It’s a mixed blessing for national economies.
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Thanks for the comment. The commissioner accepts the fact that the genie is out of the bottle and the governments are not in any position to put it back.
All they are trying to do is looking for some way to make the genie their servant and maintain the status quo with the magic wand - regulations. It is interesting to see how far they succeed!
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I think you are correct.
More than that, I think that they see a collapse coming. They are looking to bridge the transition from a fiat economy to a crypto economy so that citizens do not blame them for their mismanagement.
For the USA, I think part of it is that the Chinese CBDC is a threat. An electronic currency can be transmitted more easily and can settle faster than traditional payment systems that still require days to settle. Obviously, businesses may prefer to get their money in minutes rather than days.
Ultimately, this will not get anywhere. Businesses will choose a more universal currency than national electronic fiats.
They cannot eliminate it, but they can regulate it and make a profit in doing so. Thanks for your support!