Billionaire Tim Draper says Gary Gensler is harming US with anti-crypto policy and calls for a new way of regulation

Billionaire Tim Draper says the chairman of the US Securities and Exchange Commission (SEC) is hurting the US with policies that nip crypto innovation in the bud.

In a new interview with Fox Business’s The Claman Countdown, Tim Draper say the SEC and Gary Gensler should not oversee crypto technology.

“[The SEC] does not cover crypto. It needs to be regulated in a new way. What will America look like in 40 years? It becomes a total wasteland. There will be no technology.

Crypto is coming. AI is coming. What is this new fear of technology spreading? They are great to us. We have smartphones. We have Teslas. We have all these amazing new technologies.”

Draper, an early investor in Bitcoin (BTC), says there are no crypto companies expecting zero regulation, and most are happy to adhere to clear guidelines. On the other hand, the billionaire says the US regulatory environment is confusing and discourages the crypto industry from innovating.

“If there was fraud [in FTX], and I think there probably was, then you have a job to do. But you don’t just randomly shoot a company with new technology. That makes absolutely no sense.

And of course, there are certain people who do things that you clearly don’t want them doing in the US. We all have to abide by certain rules. We play by those rules. In the US we have always believed in those rules. But now it’s like we don’t know what the rules are, and [Gensler] can enforce what he wants and when he wants. That will drive all innovation out of the country. It makes no sense at all. He will harm our country if he does that.

Coin base – all they wanted to do was obey the law. They kept writing the SEC, “What can we do here? Etc.’ The SEC allowed them to go public. But somehow now they’re going, ‘You’re somehow violating things.’

Draper also praises Brian Armstrong for his role as CEO of Coinbase, the largest crypto exchange in the US by volume, which was sued by the SEC last week for alleged securities violations.

“Brian did everything right. He did everything by the books. He has a new innovation – it’s Bitcoin and crypto – these amazing things that are going to transform the global economy. We will see extraordinary things come out of this.

Whether that happens in the US is up to your regulators.”

Featured image: Shutterstock/Media Union/Natalia Siiatovskaia