Elon Musk wants regulators to let cryptocurrencies fly

By: Ali Raza
Ali Raza
Ali was a News Reporter at Invezz covering the cryptocurrency markets and blockchain industry. He has 8 years of… read more.
on Sep 29, 2021
  • Tesla’s Chief Elon Musk wants regulators to slow down their advancements on cryptocurrencies.
  • The Dogecoin enthusiast says the crypto industry will do better without regulations.
  • However, some crypto enthusiasts want slight regulation in the industry to check fraud.

Elon Musk, Chief Executive Officer of Tesla, says it would be better if US regulators allow cryptocurrencies to be. The Bitcoin (BTC/USD) and Dogecoin (DOGE/USD) enthusiast, while commenting about the strict US regulations, stated that the assets aren’t the ‘second coming of the messiah’ and the US regulators should allow cryptocurrencies to fly.

Regulation Could Delay Growth

Musk added that the frequent intervention of the regulators could delay growth in the crypto industry.

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In an interview at the Code Conference in Los Angeles, Musk stated that it’s not possible to destroy crypto, but the government should “slow down its advancement.”

However, it is one advice regulators may not be ready to take. Chair of the Securities and Exchange Commission, Gary Gensler, says regulation is crucial for the crypto industry because lack of it could lead to the risk of losing public trust.

Some crypto enthusiasts want slight regulation

Some crypto enthusiasts and industry leaders also shared the views of regulators, although on a lighter scale. They argued that watching over the crypto market could give investors a sense of protection and clarity.

Already, some crypto-based firms have started making preparations to accommodate any upcoming regulatory changes in the crypto industry. Some are also proposing a regulatory framework that will be suitable for the industry. For example, Coinbase is preparing to pitch a regulatory process for the authorities.

PayPal’s co-founder Mark Cuban wants regulators to provide policies that will check fraud cases in the industry.

Mark believes that the proper regulatory framework on cryptocurrency can reduce “error and latency” in the financial system.

On China’s Crypto Ban

Elon Musk also commented about the ongoing crackdown against cryptocurrency mining and trading in China. According to him, the ban is a result of the concern by the Communist Party that cryptocurrencies can threaten its grip on the economy.

“It would appear that they don’t love cryptocurrency,” he stated, adding that the government is afraid that digital assets will reduce its powers. As a result, the government is doing everything possible to prevent such a situation by placing bans on crypto mining in the country.

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