- Elon Musk has advocated for no regulation in the crypto space
- Musk said that regulators should “do nothing”, which would allow his constant Dogecoin posting to go unpunished
- Musk also said that electricity shortages may be behind China’s crypto mining ban
Elon Musk has been relatively quiet on the subject of cryptocurrencies of late, but he piped up yesterday when asked about the plans of the Securities and Exchange Commission (SEC) to regulate the sector. Speaking at the Code Conference in Beverly Hills, California, Musk said that cryptocurrencies should remain unregulated, saying that the SEC should “do nothing” to regulate the crypto space. Musk also noted, ironically, that he isn’t a “massive cryptocurrency expert” and also offered his take on the Bitcoin mining situation in China, suggesting reasons why the country has taken legal action to curb the practice.
“Not Possible” to Destroy Crypto
Musk was asked at the conference if strong cryptocurrency regulation could destroy the space, to which he replied by saying that, “It is not possible to, I think, destroy crypto, but it is possible for governments to slow down its advancement.” There are many project developers who would agree with this, and plenty of other voices in the cryptocurrency and blockchain space who have spoken out about the risks of strong government action driving innovation out of the U.S.
Musk went further, urging regulators to “do nothing” about regulation of the crypto space, which is optimistic at best, especially given the comments made at every available opportunity by SEC chair Gary Gensler about his plans for crypto regulation. Musk’s rationale for this may not be one hundred percent libertarian – if the space is regulated then he will be held accountable for his posts about Dogecoin, which began as an amusing diversion earlier in the year but soon became frankly bizarre.
Electricity Shortages Behind China Mining Ban
Musk also opined that the reason China has clamped down on crypto mining in the county may be because the country has “significant electricity generation issues”, which is something he would know about, adding that there are electricity shortages across the country and that “Crypto mining might be playing a role in that.” Musk was one of the big names behind the Bitcoin Mining Council which was established in May.
