Bitcoin Ban Should Not Be An Option, Says Hester Peirce

Bitcoin ban

The relationship between cryptocurrencies and regulatory bodies is getting stormier these days as we have seen in SEC’s Ripple lawsuit. The decentralized structure of cryptocurrencies comes with the lack of regulation and that is literally what governments are most afraid of. The solutions to take control over the crypto world still cannot be determined by the authorities; however, some people think that a crypto ban can be considered as an option, but not Hester Peirce. She thinks that Bitcoin ban would be foolish. 

The statement is very important since she is Commissioner at the US Securities and Exchange Commission (SEC). The Ripple lawsuit is not going well for SEC and the purpose of the case is still being discussed by the major part of traders. Many think that SEC’s action is just a way of showing teeth to the crypto world and there are more to come. However, the words from Hester Peirce tell us that the regulatory framework should be in favor of both sides and the Bitcoin ban approved by the government is not what the market is looking for. 

Peirce said on a virtual panel discussion organized by MarketWatch: “I think we were past that point of banning Bitcoin in the US very early on because you’d have to shut down the internet. Our approach has been much more of a ‘say no and tell people to wait’ approach, so we need to turn that around, be willing to work to build a framework that is appropriate for this industry.” 

The thoughts of Peirce are welcomed very well by the market, but they are also a little bit misleading and may not represent where SEC is willing to take a position as an institution. The lawyer has been given the name of “Crypto Mom” by the crypto community depending on her past statements. Her optimistic approach is something expected and the future of SEC’s attitude towards Bitcoin and other cryptos is still a mystery. 


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