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Bitcoin [BTC] bull Tim Draper says the SEC is “torn” about regulating the cryptocurrency space

Anirudh VK

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Bitcoin [BTC] bull Tim Draper says the SEC is "torn" about regulating the cryptocurrency space
Source: Unsplash

Tim Draper, a prominent venture capitalist known for his strategic investments, recently spoke about regulation in the cryptocurrency space. Most notably, he spoke about China declaring Bitcoin [BTC] as illegal, and Japan taking an open approach to the space in general.

Most cryptocurrency investors are waiting for the United States Securities and Exchanges Commission to regulate the market, as there are many countries taking the approach between them. Draper stated:

“I think the SEC is torn and I think it’s it’s okay because they’re torn between like going after the fraudsters who are taking advantage of the elderly, and making sure that all that technology does stay in the US. They know that  it’s a competitive world out there.”

This is also reflected in the attitudes that governments have towards Bitcoin, with some liking it “the way it is” like China, and some taking a revolutionary attitude towards regulation. This is represented in countries such as Japan, where Draper stated:



“Japan responds to that and says, Bitcoin is a national currency in Japan. Gere’s how you do an ICO, welcome. You can tell which of those economies over the next 40 years, it’s going to do really well and which one is not.

On the SEC’s regulatory approach, Draper elaborated upon the importance of the balance that they brought to the table. He stated that they have a “nice, easy, level playing field” to incentivize people to come in. The “last thing” that the SEC wants to do is what China did, he elaborated. He went on to say:

“These entrepreneurs are going to make our world just hum. This whole new financial world is going to be amazing and frictionless and honest. It’s going to be really incredible. As a government. You don’t want to mess with that you want that to kind of happen.”

Furthermore, Draper said that the SEC should go for a “light touch” approach focused simplifying the approach for new players in the space. He stated that it should be a “one-page document” for starting an ICO and registering for it.





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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.

Bitcoin

Craig Wright withdraws evidence, US Presidential Candidate emphasizes on crypto-regulation and more

Priya

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Craig Wright withdraws evidence, US Presidential Candidate emphasizes on crypto-regulation and more
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Daily Crypto News – April 18

Craig Wright withdraws email evidence: The self-proclaimed Satoshi Nakamoto withdrew the email evidence submitted to the court with regard to Kleiman case. This news comes days after some members in the community suggested that the email evidence was “fake”. Notably, the evidence was withdrawn as Wright could not verify the timeframe of when the emails were exchanged.

To know more, click here!

US 2020 Presidential Candidate urges the need for cryptocurrency regulation: Andrew Yang, the United States 2020 Democratic Presidential candidate, released a new policy, which emphasized on the need for regulating the digital asset place, and also listed the actions he would do for the cryptocurrency market as the President. On his official Twitter handle, Yang stated that, “Investment in cryptocurrencies and digital assets has far outpaced our regulatory frameworks”.

To read more, click here!

Bitcoin SV network witnesses yet another blockchain reorganization: It was reported that Bitcoin SV’s network witnessed another blockchain reorganization on a 128 MB block, with over six blocks orphaned [#578640–578645]. Moreover, Bitcoin SV’s network was unresponsive for over an hour.

To read more, click here!



Craig Wright takes on evidence and law: In a recent blog post, Wright speaks about proving to be the creator of Bitcoin, Satoshi Nakamoto. He stated that, “the important thing to understand is: law is law. Code (programs and algorithms) in any form is merely evidence… You see, ownership of the key is not proof of anything other than the possession of a key”

To read more, click here!





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