• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance
Breaking News: Crypto Giant Binance In Hot Water: CEO Responds To Trading Violation Claims
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: Crypto Giant Binance In Hot Water: CEO Responds To Trading Violation Claims
Picture of Elon Musk
Advertisement

Elon Musk Calls For Careful Consideration In New Crypto Regulation Bill

Best Owie by Best Owie
2 years ago
in Crypto News
0
Advertisement
Advertisement

The new crypto infrastructure bill going in front of the House has been at the forefront of discussions in the crypto market lately. Regulation continues to be an important topic in the market. As country after country tries to put out regulation in favor of or against crypto. This has so far led to some interesting developments in regards to crypto regulation. Some countries are openly against cryptocurrencies, in the case of India. While others have openly embraced them, like El Salvador.

The U.S. is now next in line, it seems, to have regulations mapped out for crypto. An infrastructure bill was proposed to the House to this end. A bill which Brian Armstrong, Coinbase’s CEO, ended up making a Twitter thread, calling it a “disastrous” bill. The bill has not been popular amongst crypto investors.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!

Related Reading | Meet The 13-Year-Old Indian Kid Managing Millions Of Dollars In Crypto

U.S. Senator Mike Warner recently proposed an amendment to this bill. An amendment that would see the House deciding which technologies were okay to be in the market. And also which technologies were not.

Coinbase CEO Reacts To Crypto Bill Amendment

Coinbase CEO, Brian Armstrong, took to Twitter to combat this amendment. The CEO explained how this would be detrimental to the whole of the cryptocurrency industry. Calling the bill a violation f the rights of Americans.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

Related Reading | Survey Shows The Most Common Mistakes That Crypto Investors Make

Armstrong also pointed out how this amendment discriminates against proof of stake miners. Giving proof of stake validators conditions that would be hard to comply with. Explaining that this would give the Senate the power to decide which cryptos could stay.  The relatively young crypto industry would be dealt a huge blow if an amendment like this were to pass into the bill.

3/ This is the government trying to pick winners and losers in a nascent industry today, where some new technology is being developed every month. They are guaranteed to get it wrong, by writing in a few exceptions by hand today.

— Brian Armstrong (@brian_armstrong) August 6, 2021

Total crypto market cap chart from TradingView.com

Total crypto market cap inches closer to $2 trillion | Source: Crypto Total Market Cap from TradingView.com

The CEO ended the thread with calls for constituents to call their senators. In order to urge them to vote for the Wyden-Lummis-Toomey amendment. Instead of voting for the Warner-Portman emendation. In an effort to “keep crypto alive and thriving.”

Regulations Should Not Be Hasty Decisions

Elon Musk replied to Brian Armstrong’s Twitter thread. Agreeing with what the CEO had to say about the regulation. According to Musk, there was no reason for a regulation to be made hastily. Regardless of whether there was a crisis or not.

Related Reading | A Recap Of Regulatory Season In Crypto

Musk also pointed out that there would be no winners or losers if this amendment passed into the bill. The whole of the market would be affected no matter what side of the fence they were on.

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

Picking and choosing which technologies should be allowed would never end well. As senators could swing to the side that favors them personally. With new technologies popping out of the industry every day, there is no telling how this amendment would affect these new technologies. Hence the calls for the decisions for the infrastructure bill to not be made in a haste.

Featured image from USNews, chart from TradingView.com
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Best Owie

Best Owie

Related Posts

crypto

This Crypto Sector Will Grow To $16 Trillion, Here’s How

2 hours ago
Binance

Binance.US Temporarily Halts BUSD Deposits And Withdrawals

5 hours ago
FTX EU Launches Website for Withdrawals to Refund European Users

FTX EU Launches Withdrawal Website For European Users

9 hours ago
crypto

Crypto Chaos On The Horizon, Warns ‘Dr. Doom’ Economist Nouriel Roubini

10 hours ago
Biden

Biden Pressures US Regulators To Make Bank Rules More Stringent – Good For Crypto?

15 hours ago
USDC

USDC Outflow Surpasses $10 Billion, Are Investors Losing Interest In The Stablecoin?

1 day ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Trending Projects

  • 5 Best Upcoming ICO List of March 2023

    1 week ago
  • Crypto Investment for Long term: 3 Coins to keep your eye...

    1 week ago
  • Cryptocurrency to invest in March 2023

    1 week ago

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
UU.Game
UU.Game
K8
K8

Press Releases

  • XRP whales are preparing for a big rally. Here is a new...

    2 hours ago
  • European Crypto Market Surge – Big Eyes On A Bull Run...

    4 hours ago
  • Bitcoin is Top Crypto, Ethereum Best Altcoin, Introducing...

    5 hours ago
  • With banks closing Left-Right and Center, Bitcoin...

    11 hours ago
  • Solana (SOL) or Aptos (APT)? TMS Network (TMSN) will return...

    13 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.