Beautiful Virgin Islands

Tuesday, Jun 03, 2025

Elon Musk: Governments Should Do Nothing About Crypto Regulations

Elon Musk: Governments Should Do Nothing About Crypto Regulations

According to Tesla CEO Elon Musk governments should not try to regulate cryptocurrency. “I would say, do nothing,” he opined. He believes that it is not possible to destroy crypto, but governments can “slow down its advancement.”

The Chief Executive of Tesla, Elon Musk, believes authorities are unable to “destroy” the digital asset industry. He advised the American government to let crypto “fly” instead of implementing legislation on it. Additionally, he gave his reasons why China has a hostile stance on cryptocurrencies.

In a recent interview with Kara Swisher, the entrepreneur, inventor and businessman, Elon Musk, shared his thoughts on some of the hottest topics in the digital asset space.

While saying that he is not a “massive cryptocurrency expert,” Tesla’s founder opined that bitcoin and the altcoins are valuable to the financial network as they can “reduce the error and latency in the money system.”

Another merit is the decentralized nature of digital assets, which makes it difficult for authorities to control them:

“You know, when governments can’t keep the hand out of the cookie jar and edit the money database, there’s probably some value to that.”

Despite being humble about his knowledge about crypto, he was a co-founder or global payment giant PayPal, so we can assume that he does know something about money and how it works.

Musk was specifically asked what the U.S. government should do regarding cryptocurrency. The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, was on stage at the conference earlier and he called cryptocurrency the Wild West of finance. The SEC chief also stressed that cryptocurrency will “not end well” if it stays outside the purview of regulators.

“I would say, do nothing. I would actually say, just let it fly.”

In fact, Tesla’s CEO believes authorities are not capable of ruining the crypto industry. They can only stagnate its progress, he added:

“It is not possible to destroy crypto, but it is possible for governments to slow down its advancement.”

At the beginning of August, just before the crucial vote on digital asset taxation from US Congress, Musk put his name next to those who opposed implementing a regulatory framework on crypto. Back then, the entrepreneur said:

“This is not the time to pick technology winners or losers in cryptocurrency technology,” as there is “no crisis that compels hasty legislation.”

Musk explains that there are two main reasons why the government of the most-populated country has a extremely negative stance on digital assets.

First, bitcoin and the altcoins are a threat to the Communist Party of China that wants to keep its centralized power:

“Cryptocurrencies are aimed at reducing the power of the centralized government and they don’t like that.”

Second, China, especially the southern part of the nation, has significant electricity generation issues as the power demand is higher than expected. Keeping in mind the energy consumption that crypto mining requires, it is no wonder why the local government banned the asset class, he concluded.

Source: Elon Musk: Governments Should Do Nothing About Crypto Regulations – Fintechs.fi

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
China Accuses US of Violating Trade Truce
Panama Port Owner Balances US-China Pressures
France Implements Nationwide Outdoor Smoking Ban to Protect Children
German Chancellor Merz Keeps Putin Guessing on Missile Strategy
Mandelson Criticizes UK's 'Fetish' for Abandoning EU Regulations
British Fishing Boat Owner Fined €30,000 by French Authorities
Dutch government falls as far-right leader Wilders quits coalition
Harvard Urges US to Unfreeze Funds for Public Health Research
Businessman Mauled by Lion at Luxury Namibian Lodge
Researchers Consider New Destinations Beyond the U.S.
53-Year-Old Doctor Claims Biological Age of 23
Trump Struggles to Secure Trade Deals With China and Europe
Russia to Return 6,000 Corpses Under Ukraine Prisoner Swap Deal
Microsoft Lays Off Hundreds More Amid Restructuring
Harvey Weinstein’s Publicist Embraces Notoriety
Macron and Meloni Seek Unity Despite Tensions
Trump Administration Accused of Obstructing Deportation Cases
Newark Mayor Sues Over Arrest at Immigration Facility
Center-Left Candidate Projected to Win South Korean Presidency
Trump’s Tariffs Predicted to Stall Global Economic Growth
South Korea’s President-Elect Expected to Take Softer Line on Trump and North Korea
Trump’s China Strategy Remains a Geopolitical Puzzle
Ukraine Executes Long-Range Drone Strikes on Russian Airbases
Conservative Karol Nawrocki wins Poland’s presidential election
Study Identifies Potential Radicalization Risk Among Over One Million Muslims in Germany
Good news: Annalena Baerbock Elected President of the UN General Assembly
Apple Appeals EU Law Over User Data Sharing Requirements
South Africa: "First Black Bank" Collapses after Being Looted by Owners
Poland will now withdraw from the EU migration pact after pro-Trump nationalist wins Election
"That's Disgusting, Don’t Say It Again": The Trump Joke That Made the President Boil
Trump Cancels NASA Nominee Over Democratic Donations
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OnlyFans for Sale: From Lockdown Lifeline to Eight-Billion-Dollar Empire
Mayor’s Security Officer Implicated | Shocking New Details Emerge in NYC Kidnapping Case
Hegseth Warns of Potential Chinese Military Action Against Taiwan
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Jamie Dimon Warns U.S. Bond Market Faces Pressure from Rising Debt
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Taylor Swift Gains Ownership of Her First Six Albums
Bangkok Ranked World's Top City for Remote Work in 2025
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
White House Press Secretary Criticizes Harvard Funding, Advocates for Vocational Training
France to Implement Nationwide Smoking Ban in Outdoor Spaces Frequented by Children
×