Elon Musk opposes ‘hasty’ cryptocurrency regulation
Elon Musk vehemently opposes hasty cryptocurrency regulation. This one would do more harm than good.
The CEO of Tesla owns quite a few digital coins. He also often gets involved in discussions about cryptos. Sometimes he is positive, sometimes not. Musk is now joining the discussion about possible upcoming regulations.
Musk opposes hasty cryptocurrency regulation
He agrees with Coinbase CEO Brian Armstrong that the US government should not pick winners or losers in cryptocurrency innovation. At the moment there is a heated discussion about regulation in America. This followed the White House’s approval of an amendment to the crypto tax on a $1 trillion infrastructure bill. The crypto industry and several lawmakers have opposed this.
Musk reigned as usual on Twitter. This time on a Brian Armstrong thread about the crypto tax change. “It would decide which fundamental technologies are okay and which are not in crypto,” Armstrong wrote. “This is disastrous.”
Musk responded with, “Okay, now is not the time to pick technology winners or losers in cryptocurrency technology.” He added: “There is no crisis that forces hasty regulation.”
Missing boat
The two also agree that if digital currencies are not embraced, the US will miss the boat. If the US does not embrace innovation in crypto, it risks turning into a financial backlash and missing out on one of the fastest growing sectors of the economy. Imagine if we had missed the internet and the biggest internet companies had been built abroad, the tech guys said.
There are also similar rumors in Europe that regulation should be introduced, but policymakers seem to be a bit more cautious. Maybe they’ll see how the US is doing first.
