BlockFi CEO Zac Prince agrees with US Senator Elizabeth Warren that there is a lot of noise in the crypto industry. Still, he expects the clarity that comes with the regulations will have a positive impact on the ecosystem.
Describing regulators’ interest in crypto as a natural evolution of the technology, Prince said discussions like the Senate Banking Committee hearings on Wednesday were overall very positive trends for the crypto sector.
It’s easy to overlook the forest for the trees, he said, highlighting that crypto is an asset class that has brought considerable wealth to millions of people. “It was the best-performing asset class in seven of the last ten years,” he said.
The crypto industry is creating many new jobs across the board, noted Prince, explaining, “This is something we want to keep doing in America.”
Related: BlockFi is reportedly trying to close new funding valued at $ 5 billion
When asked for his opinion on the upcoming cryptocurrency regulations, he said he expected the rules to be favorable to business:
“Regulatory clarity enables companies like BlockFi to continue to innovate. It enables consumers and investors to participate in this sector with the greatest possible confidence. “
This week, the Senate Banking Committee discussed in a session where Senator Warren took a generally critical stance on crypto, a US government-backed central bank digital currency.
She called crypto a “fourth class alternative to real currency” and a “lousy investment” and then called Dogecoin (DOGE) a “fake” currency. Warren said the volatility of cryptocurrencies makes them unsuitable as a medium of exchange.
