• Billionaire investor Tim Draper criticizes the SEC Chair Gary Gensler for his stance on crypto regulation.
• Draper believes that the US should adopt a new way of regulating cryptocurrencies to allow for innovation.
• He also praises Brian Armstrong, CEO of Coinbase, for trying to comply with all regulations.
Tim Draper Criticizes SEC Chair Gary Gensler’s Stance on Crypto
Billionaire investor Tim Draper has criticized the U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler’s policies on crypto regulation. In an interview with Fox Business’s The Claman Countdown, he said that Gensler is damaging the US by stifling crypto innovation with his anti-crypto policies.
Draper Advocates For A New Way Of Regulating Crypto
Draper believes that there shouldn’t be any oversight from the SEC on crypto technology and that it needs to be regulated in a new way. He further argued that without innovation, America will become a “total wasteland” in 40 years time and expressed confusion over why regulators are so fearful of spreading technologies like AI and cryptocurrency which are beneficial to society as a whole.
Draper Believes Most Crypto Firms Are Willing To Abide By Regulations
The billionaire investor also noted that most crypto firms are willing to abide by clear regulations if they’re given any guidance from authorities. He referenced Coinbase as an example of a company who have been trying their best to comply with all laws but have still been met with resistance from the SEC recently when they were charged for alleged securities violations last week.
Draper Praises Coinbase CEO Brian Armstrong
In response to this news, Draper commended Coinbase CEO Brian Armstrong saying he had done everything right and within the confines of the law in order to bring Bitcoin and other cryptocurrencies into mainstream use – something he believes will transform the global economy significantly in time.
Conclusion: Regulations Need To Be Clear And Consistent
Overall, it appears Draper is calling for more clarity and consistency when it comes to crypto regulation in order for companies and investors alike to remain compliant while still being able innovating freely within this space without fear of legal repercussions or government interference.