Elon Musk says cryptocurrency regulators should ‘do nothing’ and ‘let it fly’

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Musk’s comments follow SEC Chairman Gary Gensler’s call for more US crypto regulation, China’s crackdown on crypto transactions and mining

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Tesla CEO Elon Musk said on Tuesday that governments should refrain from regulating the cryptocurrency market.

“I don’t think it’s possible to destroy crypto,” Musk told New York Times columnist Kara Swisher. code convention in Beverly Hills, Calif. “But it is possible for governments to slow its progress.”

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Instead, he believes that regulators should simply “do nothing” and “just let it fly.”

Bitcoin miners see nuclear power as environmental criticism

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His remarks come as Securities and Exchange Commission chairman Gary Gensler has referred to cryptocurrencies as the “Wild West” of digital assets and pushed for more regulation in the United States. Meanwhile, China launched its own cryptocurrency last week, outlawing all trading and mining activities in the country.

Musk weighed in on China’s ban, noting that part of it relates to the country’s “critical electricity generation issues”.

“A lot of South China is having random power outages because the demand for electricity is higher than expected,” he explained. “Crypto mining could play a role in this.”

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Musk himself warned earlier this year about the “crazy” electricity consumption of bitcoin mining, and the acceptance of the world’s largest cryptocurrency as an alternative form of payment for Tesla vehicles due to its heavy reliance on fossil fuels. reversed course. However, the electric vehicle maker still keeps bitcoin on its balance sheet after buying $1.5 billion worth of bitcoin in February.

In addition to China’s potential concerns about its energy consumption and environmental impact, Musk said that cryptocurrencies are “basically aimed at reducing the power of a centralized government” and that the Chinese “don’t like it.”

Looking ahead, Musk hoped that cryptocurrencies could help reduce “error and latency” in the financial system, but emphasized that he would not call himself a “crypto expert at large.”

“I think there is some value to cryptocurrency,” Musk said. “I don’t think it’s the Messiah’s second coming, which they all think.”

As of the time of publication on Wednesday, the cryptocurrency market is trading higher, with bitcoin currently around $42,000 per coin and rivals Ethereum and Dogecoin at $2,900 and 20 cents per coin, respectively, according to Real time price tracking by Coindesk.


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