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“You’d have to shut down the Internet” to ban Bitcoin, says SEC’s Hester Peirce
Cryptoslate.com ^ | APRIL 10, 2021 AT 2:27 PM | Liam Frost

Posted on 04/10/2021 8:35:52 PM PDT by E. Pluribus Unum

Any of the government’s efforts to ban Bitcoin would be “foolish,” said Hester Peirce (aka “Crypto Mom”), a very Bitcoin-friendly commissioner at the U.S. Securities and Exchange Commission (SEC), during a MarketWatch virtual conference earlier this week.

“I think we were past that point very early on because you’d have to shut down the Internet,” Peirce said, adding, “I don’t see how you could ban it. You could certainly make the effort. It would be very hard to stop people from [trading Bitcoin]. So I think it would be a foolish thing for the government to try to do that.”

The statement came on the heels of Ray Dalio, a billionaire investor and founder of Bridgewater Associates, arguing that there’s “a good probability” that governments around the world would ban Bitcoin and other cryptocurrencies.

“Every country treasures its monopoly on controlling the supply and demand. They don’t want other monies to be operating or competing, because things can get out of control. They outlawed gold, that’s why also outlawing Bitcoin is a good probability.”

However, according to Peirce, the main issue for authorities—at least when it comes to cryptocurrencies—is to find an approach to regulation that would be productive and non-restrictive at the same time. She noted:

“We’ve seen other countries take, I would say, a more productive approach. We really need to turn that around. And I’m optimistic, with a new chairman coming in with a deep knowledge of these markets, that is something we could do together—build a good regulatory framework.”

At the same time, Peirce also pointed out that she doesn’t know when—or if—a Bitcoin exchange-traded fund (ETF) will finally be approved in the U.S. Recently, we’ve seen a new wave of major investment companies, such as Fidelity Investments, SkyBridge Capital, and VanEck, filing their applications for Bitcoin ETFs with the SEC.

The regulator, however, never approved a single filing of this kind so far.


TOPICS: News/Current Events
KEYWORDS: bitcoin; blockchain; btc; cryptocurrency; elonmusk; hesterpeirce; raydalio; sec; tesla
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1 posted on 04/10/2021 8:35:52 PM PDT by E. Pluribus Unum
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To: E. Pluribus Unum

After what I’ve witnessed over the past year, I wouldn’t be surprised if they did.


2 posted on 04/10/2021 8:39:27 PM PDT by Jeff Chandler (Pathetic Pierre Delecto, the Pestiferous Potentate of Enchanted Chones.)
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To: E. Pluribus Unum

They would only have to trace the pathways if Bitcoin and shut down the relative few that use them.


3 posted on 04/10/2021 8:40:57 PM PDT by Jonty30 (What Islam and secularism have in common is that they are both death cults. )
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To: E. Pluribus Unum

They would only have to trace the pathways of Bitcoin and shut down the relative few that use them.


4 posted on 04/10/2021 8:41:14 PM PDT by Jonty30 (What Islam and secularism have in common is that they are both death cults. )
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To: algore; aMorePerfectUnion; amorphous; Andyman; ARGLOCKGUY; battletank; BlueStateRightist; ...

Ping!


5 posted on 04/10/2021 8:41:50 PM PDT by aMorePerfectUnion (I'd rather be anecdotally alive than scientifically dead...)
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To: Jeff Chandler

That would nuke Big Tech too.


6 posted on 04/10/2021 8:42:21 PM PDT by E. Pluribus Unum (Anti-racism looks suspiciously like racism.)
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To: E. Pluribus Unum

“...according to Peirce, the main issue for authorities—at least when it comes to cryptocurrencies—is to find an approach to regulation that would be productive and non-restrictive at the same time.”

In other words, the government gets their grubby hands on it and gets their piece of the pie up front.


7 posted on 04/10/2021 8:44:58 PM PDT by fwdude (Pass up too many hills to die on, and you will eventually fall off the edge of the world.)
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To: fwdude

Also, they can figure who is compromised and use that against the people.


8 posted on 04/10/2021 8:46:42 PM PDT by Jonty30 (What Islam and secularism have in common is that they are both death cults. )
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It doesn’t have to be banned. Once FedCoin is made the official digital currency, bitcoin becomes illegal.


9 posted on 04/10/2021 8:51:04 PM PDT by proust (All posts made under this handle are, for the intents and purposes of the author, considered satire.)
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To: proust

And those holding the bag of bitcoins will be a bit short.


10 posted on 04/10/2021 8:55:17 PM PDT by dragnet2 (Diversion and evasion are tools of deceit)
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To: dragnet2

All investments are a gamble.


11 posted on 04/10/2021 8:55:49 PM PDT by proust (All posts made under this handle are, for the intents and purposes of the author, considered satire.)
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To: proust

Affirmative.☺


12 posted on 04/10/2021 8:57:32 PM PDT by dragnet2 (Diversion and evasion are tools of deceit)
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To: proust

Fedcoin is just a debit card without the plastic in your wallet. Just a joke representation of the same old dollar.


13 posted on 04/10/2021 9:02:15 PM PDT by DesertRhino (Dog is man's best friend, and moslems hate dogs. Add that up. .... )
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To: E. Pluribus Unum

I cannot see the value in bitcoin other than as a momentum play that will sooner or later crash.


14 posted on 04/10/2021 9:06:40 PM PDT by O6ret
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To: aMorePerfectUnion

In 1998 I might have said the same about free speech on the internet.

Can you imagine if Myspace tried to be an arbiter of truth back then?


15 posted on 04/10/2021 9:08:34 PM PDT by algore
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To: E. Pluribus Unum

That’s the problem with Bitcoin: it can’t survive without the internet, and coordinated strangers maintaining the ledgers.

“No internet” wasn’t that long ago, and may not be far ahead.


16 posted on 04/10/2021 9:11:14 PM PDT by ctdonath2 (The claim of consensus is the first refuge of scoundrels.)
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To: proust

“All investments are a gamble.”


That’s what William Proctor told his business partner.


17 posted on 04/10/2021 9:12:27 PM PDT by Ken H (Trump won.)
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To: ctdonath2
That’s the problem with Bitcoin: it can’t survive without the internet...

Can Amazon survive without the Internet?

18 posted on 04/10/2021 9:14:05 PM PDT by E. Pluribus Unum (Anti-racism looks suspiciously like racism.)
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To: E. Pluribus Unum

Just shutdown the energy hungry mining operations.

It wouldn’t be hard to stop.


19 posted on 04/10/2021 9:16:22 PM PDT by Pikachu_Dad ("the media are selling you a line of soap)
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To: fwdude
"In other words, the government gets their grubby hands on it and gets their piece of the pie up front."

Plus ten percent for the Big Guy.

20 posted on 04/10/2021 9:17:59 PM PDT by LegendHasIt
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