Tesla CEO Elon Musk on Tuesday said the U.S. government should steer clear of trying to regulate the crypto market.
Musk said “It is not possible to, I think, destroy crypto, but it is possible for governments to slow down its advancement,” at the Code Conference in Beverly Hills, California.
Musk responded on stage to a question from New York Times columnist Kara Swisher which was whether the U.S. government should be involved in regulating the crypto space. or not
He replied, “I would say, ‘Do nothing,”.
Elon Musk has been a vocal supporter of cryptocurrency and blockchain technology.
The Tesla CEO has been a vocal supporter of cryptocurrencies and blockchain technology for some time. In the past he’s said that bitcoin is “probably a good thing” and that it’s “quite brilliant, actually.”
For those who were wondering what Musk thought about crypto regulations, he had some strong words for the U.S. government on the subject: “I think regulators should take a look at what they can do to make things as easy as possible,” he said in a recent interview.
China’s decision to ban cryptocurrency trading platforms has not only caused turmoil in the country’s financial markets but also put pressure on Bitcoin prices globally.
This week, China’s official state media reported that Beijing is shutting down all local Bitcoin exchanges. The report also says that China will block all websites related to virtual currency trading. These new rules come after the government issued a statement earlier this month banning so-called initial coin offerings, which are a way of raising funds by creating and selling new cryptocurrencies.
Elon Musk said “I suppose cryptocurrency is fundamentally aimed at reducing the power of a centralized government,” “They don’t like that.”
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