- US Senator Mark Warren proposed an amendment regarding which cryptos are okay.
- Brian Armstrong made a Twitter thread, calling this bill “disastrous”.
- Elon Musk agrees with Coinbase CEO Brian Armstrong.
Yesterday, US Senator Mark Warren has proposed an amendment that would decide which foundational technologies are alright and which are not in crypto. Following this senate announcement, Brian Armstrong made a Twitter thread, calling this bill amendment “disastrous”.
Agreed, this is not the time to pick technology winners or losers in cryptocurrency technology. There is no crisis that compels hasty legislation.
— Elon Musk (@elonmusk) August 6, 2021
There is no crisis that compels hasty regulation.
Meanwhile, Armstrong further explained the situation. ‘Senator Mark Warner has asked for proof of stake validators to comply with the impossible, but not proof of work miners. Why? It’s not clear, but we could find ourselves with the Senate deciding which types of crypto will survive government regulation.’
Consequently, after facing backlash from the crypto industry and other lawmakers, Senator Warner revised his proposed amendment Saturday.
Lastly, the Coinbase CEO emphasized what might happen if the United States fails to embrace all the development and innovation regarding crypto.
It risks becoming a financial backwater, missing out on one of the fastest-growing sectors of the economy. Imagine if we had missed out on the internet, and the largest internet companies had been built overseas.