Massive Crypto Collector Tim Draper Talks SEC Regulation Updates And Upcoming Decisions
Tim Draper is a Bitcoin bull for the cryptocurrency industry, and he is well known for his careful and strategic investments as a venture capitalist. One of his most famous announcements has been regarding China’s decision to deem Bitcoin illegal, though he has also spoken about Japan’s openness to the industry.
The majority of investors with cryptocurrency are in limbo as they wait for the Securities and Exchange Commission (SEC) of the United States to establish how they plan to regulate the market.
With so many other countries taking the initiative, Draper said,
“I think the SEC is torn and I think 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.”
Many governments share the same sentiment. Some countries, like China, do not want to see any changes, and others are taking a more innovative approach like Japan.
In references to Japan’s take, Draper commented,
“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.”
As far as the regulatory approach that the SEC is taking on, Draper understand how important their decision will be for the crypto industry. Right now, they have a “nice, easy, level playing field,” and the “last thing” that they would do is to follow the decisions that China took on.
Explaining, he said,
“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.”
Draper believes that the best way for the SEC to handle this would be with a “light tough” that can help new investors to have a simpler approach as they enter the market. In fact, he went as far as to say that the legislation should be a “one-page document” that specifically outlines the process of starting an ICO and registering.