Elon Musk Says US Government Should Not Regulate Crypto

Elon Musk expressed his thoughts at LA's Code Conference on how cryptocurrencies should be regulated.

Elon Musk said that the US government shouldn't regulate the cryptocurrency industry. The CEO of Tesla thinks they should let crypto be.
Elon Musk CodeCon 2021 | Image: Tesla Intelligence UK

In a recent interview at the CodeCon Conference in Los Angeles, the CEO of Tesla said that US regulators should just let cryptocurrencies be. To clarify, Elon Musk stressed that regulators should practice a more hands-off approach to controlling cryptocurrencies.

Musk's answer statement comes after the New York Times asked him what, if anything, the government should be doing to regulate crypto.

Musk replied, saying,

“I would say, do nothing. Just let it fly.” He added that while it was “not possible” for the government to destroy the cryptocurrency industry “it is possible for governments to slow down its advancement.”

During the same conference, the boss of the US Securities and Exchange Commission (SEC) Gary Gensler, said that digital assets could be deemed securities down the road. Added to this, Gensler noted that if this occurs, they would be subject to the same laws as other securities along with other crypto-specific additions.

Also, Gary Gensler noted that regulations are required and that exchanges should register with the SEC.