rencies, the SEC should adopt a new way of regulation that allows for the technology to develop and for the US to benefit from it. He noted that other countries have embraced crypto innovation, while the US has been lagging behind, which is hurting the US’s competitiveness and could result in losing the best talent to other countries.
Praises Coinbase CEO
Draper praised Coinbase CEO Brian Armstrong for his role in leading the exchange to become the biggest crypto exchange by volume in the US. He said that Armstrong’s efforts have been key in pushing the US to become a leader in the crypto space.
Catchy Headline:
Tim Draper Slams SEC’s Crypto Policies: Calls for New Regulation
• Billionaire Tim Draper says the Chairman of the U.S. Securities and Exchange Commission (SEC) is damaging the US with anti-crypto policies.
• Draper believes that the SEC should have no oversight on crypto technology and calls for a new way of regulation.
• He praises Coinbase CEO Brian Armstrong for his role in leading the exchange to become the biggest crypto exchange by volume in the US.
Tim Draper Criticizes Anti-Crypto Policies
Billionaire Tim Draper has criticized Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC), saying that he is damaging the US with policies that stifle crypto innovation. In an interview with Fox Business’s The Claman Countdown, Draper said that no company expects zero regulation but expressed confusion about current US regulatory climate, which is discouraging crypto innovation from taking place in America.
New Way Of Regulation
Draper argued that instead of having an outdated approach to regulating cryptocurrency, there should be a new way of doing it so as not to impede technological progress in America: “What’s America going to look like in 40 years? It’s going to be a total wasteland if we don’t let these technologies grow and evolve… Crypto is coming. AI is coming. What is this new fear about spreading technologies? They are great for us…We all have to play by certain set of rules.”
Praises Coinbase CEO
The billionaire also praised Coinbase CEO Brian Armstrong for his role in leading Coinbase to become the biggest crypto exchange by volume in the US despite being charged by SEC last week for alleged securities violations: “Brian has done everything right…He’s got a new innovation – it’s Bitcoin and crypto – these amazing things that are going to transform the global economy.”
No Relevance To Crypto
In conclusion, Draper asserted that due to its lack of relevance when it comes to cryptocurrencies, SEC should not be involved in trying to regulate them: “[The SEC] has no relevance to crypto…It needs to be regulated in a new way.”
Conclusion
Overall, Draper believes that Gary Gensler’s attempt at regulating cryptocurrencies will do more harm than good because they are technologies designed for innovating rather than suppressing progress and development within America’s tech industry.