London Daily

Focus on the big picture.
Thursday, Jul 10, 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

0:00
0:00
Close
Severe Heatwave Claims 2,300 Lives Across Europe
NVIDIA Achieves Historic Milestone as First Company Valued at $4 Trillion
Declining Beer Consumption Signals Cultural Shift in Germany
Linda Yaccarino Steps Down as CEO of X After Two Years
US Imposes New Tariffs on Brazilian Exports Amid Political Tensions
Azerbaijan and Armenia are on the brink of a historic peace deal.
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Weinstein Victim’s Lawyer Says MeToo Movement Still Strong
U.S. Enacts Sweeping Tax and Spending Legislation Amid Trade Policy Shifts
Football Mourns as Diogo Jota and Brother André Silva Laid to Rest in Portugal
Labour Expected to Withdraw Support for Special Needs Funding Model
Leaked Audio Reveals Tory Aide Defending DEI Record
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
London Stock Exchange Faces Historic Low in Initial Public Offerings
A new online platform has emerged in the United Kingdom, specifically targeting Muslim men seeking virgin brides
Trump Celebrates Independence Day with B-2 Flyover and Signs Controversial Legislation
Boris Johnson Urges Conservatives to Ignore Farage
SNP Ordered to Update Single-Sex Space Guidance Within Days
Starmer Set to Reject Calls for Wealth Taxes
Stolen Century-Old Rolls-Royce Recovered After Hotel Theft
Macron Presses Starmer to Recognise Palestinian State
Labour Delayed Palestine Action Ban Over Riot Concerns
Swinney’s Tax Comments ‘Offensive to Scots’, Say Tories
High Street Retailers to Enforce Bans on Serial Shoplifters
Music Banned by Henry VIII to Be Performed After 500 Years
Steve Coogan Says Working Class Is Being ‘Ethnically Cleansed’
Home Office Admits Uncertainty Over Visa Overstayer Numbers
JD Vance Questions Mandelson Over Reform Party’s Rising Popularity
Macron to Receive Windsor Carriage Ride in Royal Gesture
Labour Accused of ‘Hammering’ Scots During First Year in Power
BBC Head of Music Stood Down Amid Bob Vylan Controversy
Corbyn Eyes Hard-Left Challenge to Starmer’s Leadership
London Tube Trains Suspended After Major Fire Erupts Nearby
Richard Kemp: I Felt Safer in Israel Under Attack Than in the UK
Cyclist Says Police Cited Human Rights Act for Riding No-Handed
China’s Central Bank Consults European Peers on Low-Rate Strategies
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Musk Battles to Protect Tesla Amid Trump Policy Threats
Air France-KLM Acquires Majority Stake in Scandinavian Airlines
UK Educators Sound Alarm on Declining Child Literacy
Shein Fined €40 Million in France Over Misleading Discounts
Brazil’s Lula Visits Kirchner During Argentina House Arrest
Trump Scores Legislative Win as House Passes Tax Reform Bill
Keir Starmer Faces Criticism After Rocky First Year in Power
DJI Launches Heavy-Duty Coaxial Quadcopter with 80 kg Lift Capacity
U.S. Senate Approves Major Legislation Dubbed the 'Big Beautiful Bill'
Largest Healthcare Fraud Takedown in U.S. History Announced by DOJ
×