Cryptocurrency Regulations Are “Hasty” Says Tesla Chief Elon Musk

Elon Musk, the CEO of Tesla, claims that there is no crisis that necessitates fast cryptocurrency regulation.

Elon Musk, the CEO of Tesla, thinks there is no crisis that requires cryptocurrency regulation to be rushed through.

In agreement with Coinbase CEO Brian Armstrong, he believes that the U.S. government should not pick winners and losers in the bitcoin industry’s innovation.

A fierce debate over whether the United States government should pick winners and losers in the cryptocurrency field has erupted, with Tesla CEO Elon Musk weighing in.

Crypto sector and some politicians criticised the White House’s sponsorship of a crypto tax amendment to the $1 trillion infrastructure plan.

Brian armstrong
CEO Coinbase Brian Armstrong/ via time.com

Tesla CEO Elon Musk responded to a Twitter thread initiated by Coinbase CEO Brian Armstrong regarding a crypto tax amendment “that would decide which foundational technologies are ok and which are not in crypto,” according to Armstrong. “This is a disastrous.”

“Agreed, this is not the time to determine technology winners or losers in Bitcoin technology,” Musk wrote on Twitter. “There is no crisis that necessitates quick regulation,” he stressed.

REVISED AMENDMENT

Senator Warner altered his proposed amendment Saturday after receiving pushback from the crypto industry and other lawmakers.

While the validator exception is no longer limited to proof-of-work, it still does not safeguard protocol developers by compelling them to report transactions to the IRS, as Coinbase does.

Senator Cynthia Lummis said that, The proposed amendment still doesn’t protect software developers.

Another user tweeted about the revised amendment before it was again revised due to backlash.

Senator Warner altered his proposed amendment Saturday after receiving pushback from the crypto industry and other lawmakers.

While the validator exception is no longer limited to proof-of-work, it still does not safeguard protocol developers by compelling them to report transactions to the IRS, as Coinbase does.

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