Tim Draper calls for SEC reform and backs Bitcoin's future
Renowned venture capitalist Tim Draper has emphasized Bitcoin's (CRYPTO:BTC) resilience, describing it as "permanent" while critiquing the U.S. Securities and Exchange Commission (SEC) for stifling crypto innovation with outdated regulations.
Draper warned that the U.S. risks losing its technological leadership if it continues to rely on laws that are decades old, and he called for a shift in the regulatory framework to keep up with global financial advancements.
According to Draper, "The SEC lives in the past. They are tied to 80-year-old laws, and it’s time for change."
He argued that these strict regulations are weakening American entrepreneurs, pushing innovation abroad, and creating a "dark cloud" over the U.S. crypto industry.
He further highlighted Bitcoin's potential to challenge fiat currencies as inflation rises, predicting that more people will use Bitcoin for daily transactions in the future.
Draper noted, "Bitcoin is our savior… Ultimately, we will all turn to Bitcoin."
In addition to his critique of SEC policies, Draper discussed the importance of political support for cryptocurrency.
He suggested that backing from U.S. presidential candidates could help fuel crypto's growth, ensuring the U.S. remains a leader in technology and finance.
He stressed the need for a balance between regulation and innovation, stating that proper support for crypto could drive long-term benefits for the country.
Draper also highlighted his investments in crypto infrastructure companies like Arkham and his early involvement in projects such as Tezos and Bancor.
He emphasized the value of smart contracts, calling them one of the greatest innovations for making business agreements transparent and automated.
However, due to regulatory uncertainties in the U.S., many of Draper’s initiatives have shifted to develop abroad.
At the time of reporting, the Bitcoin price was $62,533.05.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
HSBC: Still expects the Fed to cut interest rates by 75 basis points in 2025
AAVE breaks above $320
BTC breaks through $95,000
Animoca Co-Creation: Will airdrop its own MOCA to the community in two phases