Elon Musk: No existing crisis in cryptocurrency market that requires “hasty” regulations

Crypto regulation
Crypto regulation

Elon Musk: No existing crisis in cryptocurrency market that requires “hasty” regulations – There’s no existing crisis in the cryptocurrency market now that requires “hasty” regulations, said Tesla’s CEO Elon Musk.

The crypto community continues to rally the troops just hours ahead of the crucial vote on digital asset taxation from US Congress. This time, they have received support from one of the most influential people today – Elon Musk.

Yesterday the controversy that arose from US authorities in regards to the country’s attempt to regulate and implement taxes on the digital asset industry.

In shorts, Senators Mark Warner and Rob Portman proposed an amendment that wants to tax almost all aspects falling under the broad term “broker.” Senators Cynthia Lummis, Ron Wyden, and Pat Toomey made a contra-proposition with significantly less harsh rules, but Warner and Portman made a “last-minute amendment,” which caught the eye of crypto insiders (again).

Basically, their latest proposition excludes only proof of work miners and sellers of wallets. Interestingly, though, the Biden Administration supported this particular amendment.

The community was quick to respond with countless prominent names showing their concern and urging people to “call your Senators” and “tell them you want innovation and economic prosperity to stay in the United States,” as Anthony Pompliano noted.

Barry Silbert, Founder and CEO of Digital Currency Group, even added the move is “making a difference” as the “Senator outreach efforts are having a positive impact.” He also advised his followers to “keep calling, emailing, and tagging your representatives in tweets.”

Brian Armstrong, the CEO of Coinbase, who has been quite vocal against Portman’s amendment, described the vote as one of the “few key moments that define our future.” Furthermore, he showed why asking proof of stake validators to comply with the rules while excluding proof of work miners is asking for “the impossible.”

Aside from all crypto insiders who went against this particular proposition, Tesla’s CEO also joined. Elon Musk agreed with Armstrong and noted that “this is not the time to pick technology winners or losers in cryptocurrency technology,” as there is “no crisis that compels hasty legislation.”

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trading move involves risk. You should conduct your own research when making a decision.

About Haruna Magaji 2589 Articles
Haruna Magaji is a journalist, foreign policy expert and closet musician. He is a graduate of ABU Zaria and a member of the Nigerian union of journalists. JSA, as he is fondly called, resides in Suleja, Abuja. email him at - [email protected]

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