According to Brock Pierce, chairman of the Bitcoin Foundation, most regulators really do not know enough about cryptocurrencies with which to regulate them.  

Brock Pierce was interviewed on Fox Business earlier today on the rise of Bitcoin, and how he thought regulators would cope with the regulation of such a complex asset class. 

When asked about how he thought Bitcoin had managed to reach $50,000 again, Pierce stated that he thought that uncertainty in the markets had helped to bring this about.  

He referred to the fact that more than $20 trillion dollars had been printed over the last 12 to 18 months, which had led to rising values in hard assets, such as real estate, stocks, cryptocurrencies, and obviously bitcoin. 

The interviewer referred to the uncertainty around the regulation of bitcoin. She brought up her interview last week with Garry Gensler, chairman of the SEC, saying that he had called crypto “the wild west”, and that it needed to be brought under government oversight. 

Pierce responded that “the wild west” had gone on to become California, and that it behoved the US to make sure that it did go on to benefit the country.  

He spoke about the infrastructure bill, and how it was put in front of the senate with language that, on the surface, appeared to be aimed at gathering $30 billion in taxes from the crypto sector, but that “left a lot of ambiguity in how this is going to be regulated”, as in the case of software developers, which could potentially result in these businesses leaving to set up off shore. 

The Bitcoin Foundation chairman believes that we are “living through the fourth industrial revolution”, and that technology is changing the monetary system. On regulation he says: 

“Most of us aren’t opposed to the concept of regulation – the idea of protecting the people. But let’s make sure that this is sensible regulation and that our regulators and legislators are taking time to be informed so that they can make decision that benefit all of us in the long run.” 

When asked about the timeline for regulation, Pierce remarked: 

“Well sadly, as someone that spends lots of time with lots of our regulators and legislators on a state and federal basis, there is a big learning curve” 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. 

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