On Market watch group discussion, Hester Pierce spoke, how banning cryptocurrencies would not benefit the US. As the move would not likely result in a preferred outcome because Bitcoin is a decentralized asset.
Hester trusts Gensler
Regardless of the US trailing behind countries like Switzerland, Canada, and some others, when it comes to crypto legislation, Hester Pierce believes the upcoming new chairman Gary Gensler of the Securities and Exchange Commission will bring exciting new opportunities to the market.
Gensler is thought to be a crypto-savvy person. He served as the ex-chairman of the United States CFTC. The move for Gensler came when the senate board accepted the nomination made by the President of the United States, Joe Biden. The board decided the approval of Gensler in March 2021 on a meeting arranged to discuss Urban affairs, Banking, and housing.
At the moment, Hester made it abundantly clear of her thought process. She believes the newly appointed chairman of the SEC will make constructive moves towards crypto assets and develop regulation for the rapidly booming industry.
As she explained, she maintains optimism surrounding the newly appointed chairman mainly because of his previous experience regarding the digital assets market. Furthermore, she hinted about the future of building a modern governing framework for the digital assets market in the United States of America.
Banning Bitcoin is not possible
The ban on cryptocurrencies has already been implemented in many countries including, China, India, etc. A financial consultant from the UK, Neil F, submitted a petition to prohibit transactions in cryptocurrencies. However, Hester believes taking these drastic measures in the USA will be a foolish idea since it requires closing down the internet, which is not possible.
Hester explains the point of adopting drastic measures like banning cryptocurrencies has far gone since now it requires closing the internet down. She thinks one can make an effort to ban cryptocurrencies, but it is impossible to prevent people from trading digital assets. Hence, she believes it is a foolish idea for the authorities to do.
Since many institutions are jumping on the bandwagon of investing in digital assets, she advocated for compliant regulations to establish by the authorities. Presently Bitcoin is priced at $59,614, whereas the market capitalization is close to $1.1 trillion as per the data from CoinMarketCap.