After a very long silence, finally Elon Musk has spoken and while he speaks, he criticizes the US Government over its crypto regulation proposal and says it wouldn’t do any good. He believes that it is impossible for anyone to completely destroy the very existence of cryptocurrencies, however, what the governments can do is to reduce their active adoption.
For the past many months, especially after Tesla had dis-integrated Bitcoin, Elon Musk was seen not very active in the crypto community. However, before the dis-integration, he was quite an active philanthropists supporting entire crypto industry.
Now finally he made an appearance in the Code Conference which was held last week in California. Even Gary Gensler, the Chairman of Securities & Exchange Commission was also there attending the conference. When he addressed the participants of the conference, he first discussed the Chinese crackdown of crypto industry. He opined that China will only regret what he is doing right now. However, the regret will come only once somebody else’s has taken its position. Losing influence over cryptocurrencies will cause great harm not only to cryptocurrencies but also to China as well. But it would be tool late by then for China to repent what harm it had already caused to the industry.
During the conference, a columnist from New York Times namely Kara Swisher asked Musk about US Government’s proposal of crypto regulation. He was asked to opine if he believes that the Government’s move is in the right direction. He replied that regulation is necessary but it will only be beneficial if it sticks to “regulation” only. If somehow the regulation is used as “over-regulation” then none of the regulators would be able to control cryptocurrencies. It would rather be seen as misuse and abuse of power and authority. He then criticized the US regulators and said that while the crypto space is apparently un-regulated yet, there are examples of over-regulation used by the regulators.
Also read:He pointed out at the two crypto firms to whom regulators had been sending notices of cease and desist. He argued that it is this exercise of over-regulation which will hurt cryptocurrencies. On the other hand, such activities will be of no good for the regulators as well as for the Government. Instead, it will reduce the mass-adoption of cryptocurrencies at the global level.
He was then asked to give his opinion regarding what the US Government should do exactly about cryptocurrencies. He responded by referring to Securities & Exchange Commission (SEC) and said that SEC has been given the task to come up with crypto regulation. However, in his personal opinion, he wouldn’t recommend SEC to do literally anything about crypto. Instead, he would advise SEC to let it be as it was and as it should be.
To the contrary, when SEC’s Chairman was on the stage, he insisted that crypto regulation must be put in place. With the regulation in place, crypto will become discerning enough which will help it to eradicate misuse from within.
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