Despite the increasing amount of criticisms facing the digital assets daily, Bitcoin continues to gain admirers every day, as the digital asset continues to be the toast of the crypto space. However, while the admirers of the digital asset have mainly been investors who are profiting off the space, it appears that financial regulators are beginning to back the adoption of the cryptocurrency. One of the Commissioners of the U.S Securities and Exchange Commission- Hester Peirce, also known as crypto mom, believes it will be a foolish thing for the government to ban Bitcoin trading, as it is practically impossible.
Peirce believes the U.S needs new crypto regulation
In a panel discussion yesterday, the Bitcoin admirer, a lawyer, and a commissioner in the SEC believe that, should the government ever try to ban Bitcoin, it will be threading on the part of foolishness. Peirce believes that it will be impossible for the government ever to contemplate or even try to initiate such thought, as they would have to shut down the internet to achieve that.
She believes that the country’s high crypto adoption, despite its needing more regulations, will make it impossible for people to stop trading Bitcoin. The famous lawyer, also called Crypto Mom, believes that there is a need to regulate the trading of the digital asset in the U.S, as the country is currently trailing the world.
Speaking at the seminar, Peirce expressed her optimism about the future of cryptocurrency trading in the country, as she believes that the nation will become one of the most crypto-friendly spaces in the world soon. Peirce also discussed the future of the U.S SEC, as she believes that if Blockchain Professor- Gary Gensler ever gets to the position, he will turn around the Blockchain space in the nation.
The government needs to look at alternatives
Cryptocurrency trading continues to face scrutiny in many countries globally, as financial regulators continue to threaten the market’s existence. The inability of these government bodies to ultimately oversee the cryptocurrency market has been one reason why they have threatened to shut down the space. Many financial regulators believe that, unlike the traditional stock market, the cryptocurrency market is being manipulated by some strong forces, who are desperately moving the market for their selfish reasons.
One of the most crypto-friendly nations in Africa- Nigeria, has recently seen its Central Bank ban cryptocurrency activities, sighting that the crypto space could be an essential tool in the hands of financial criminals. However, instead of banning, financial regulators like Peirce have suggested proper regulations to guide the market and its traders.
Pierce, like many analysts, believes that if the government enacts proper regulations in place, the activities of the market will be favorable to everyone involved. However, the crypto market has continued to enlarge in size and value, as many analysts believe the $2 trillion worth market to triple in size by the end of 2021.