Elon Musk And Other CEOs React on New Crypto Regulation

Updated: Aug 9, 2021

A US Senator Mark Warren has proposed an bill that would choose technologies that are beneficial beneficial and which are not in crypto.

Elon Musk And Brian Armstrong react to new crypto regulation
Elon Musk And Brian Armstrong

As a result, this senate news, triggered the reactions of some CEOs. Brian Armstrong, Coinbase CEO made a comment on Twitter, calling this bill amendment “disastrous”.

Also, Elon Musk replied to Brian's tweet, saying he agrees with him. Musk said that ‘this is not the time to pick technology winners or losers in cryptocurrency technology’. "There is no crisis that compels hasty regulation," said Musk.

Furthermore, Armstrong stressed that Senator Mark Warner is asking for proof of stake validators to comply with the impossible, but not proof of work miners. "Why? It’s not clear, but we could find ourselves with the Senate deciding which types of crypto will survive government regulation."

What is more, Senator Warner revised his proposed bill on Saturday after he was criticized by the crypto industry and other lawmakers.

To continue, Brian stressed what might happen if the United States fails to embrace all the crypto and the technology behind it.

It risks becoming a financial backwater, missing out on one of the fastest-growing sectors of the economy. Imagine if we had missed out on the internet, and the largest internet companies had been built overseas."

Following this, do you think the US government will embrace the cryptocurrency ?