• Tim Draper, a billionaire investor, claims that the Chair of the SEC (Gary Gensler) is damaging the US with anti-crypto policies.
• Draper believes these policies are stifling crypto innovation and calls for a new way of regulation.
• He praises Brian Armstrong of Coinbase who has followed all existing rules and regulations.
Tim Draper Criticizes Gary Gensler’s Anti-Crypto Policies
Billionaire Tim Draper says the Chair of the U.S. Securities and Exchange Commission (SEC) is damaging the US with policies that stifle crypto innovation. In a new interview with Fox Business’s The Claman Countdown, he called out Gary Gensler and asked him to have no oversight on crypto technology in order to promote growth in this space. Furthermore, Draper noted that there isn’t any need for zero regulation as most firms are happy to abide by clear guidelines set by regulators.
Lack of Regulatory Clarity Hurting Crypto Innovation
According to Draper, the lack of regulatory clarity in America is discouraging crypto firms from innovating as they don’t know what rules they should be following or how they should be enforced. He highlighted this issue by pointing out that even companies like Coinbase wanted to abide by existing laws yet were still met with scrutiny from authorities such as the SEC which charged Coinbase last week for alleged securities violations.
Praising Brian Armstrong
Draper also commends Brian Armstrong for his role as CEO of Coinbase, noting that he has done everything according to books and spearheaded Bitcoin/crypto innovations which are transforming the global economy. He emphasized that while some individuals may be engaging in illegal activities, it doesn’t make sense for authorities like Gensler to shoot randomly at any company attempting new technologies without due process as it will drive all innovation away from America if allowed to continue unchecked.
America’s Future Without Crypto Innovation
The billionaire fears what America may look like 40 years down the line without innovations such as cryptocurrency or AI being encouraged by regulators – a “total wasteland” where technology has been completely abandoned due to outdated regulations unable to keep up with progress made in this space over time.
Conclusion
In conclusion, Tim Draper believes that regulating cryptocurrencies should not be left up to traditional financial institutions such as banks or government bodies like the SEC but instead requires a fresh approach since these entities do not understand this industry well enough yet and thus cannot properly protect users’ interests while promoting growth within it at once time – something only possible if authorities open themselves up more towards embracing technological advancements rather than trying to shut them out through restrictive policies which do nothing but harm everyone involved indiscriminately without regard for merit or potential benefits offered by them in practice either now or later on down the line when their full potential can finally be realized some day hopefully soon enough after all .
