Cryptocurrency News

Regulator interest is good for crypto ecosystem, says Blockfi CEO

BlockFi CEO Jack Prince agrees with US Senator Elizabeth Warren that there is a lot of noise in the cryptocurrency industry. Still, he hopes that the clarity that comes with the rules will positively impact the ecosystem.

Describing regulators’ interest in crypto as a natural evolution of the technology, Prince said Discussions such as Wednesday’s Senate Banking Committee hearing are very positive trends for the crypto sector as a whole.

It is easy to miss the forest through the trees, he said, adding that crypto is an asset class that has generated enough wealth for millions of people. “It has been the best performing asset class in seven of the last ten years,” he said.

The crypto industry is creating a lot of new jobs across the board, Prince said, adding, “It’s something that we want to continue to do in America.”

related: BlockFi reportedly looking to close new funding at $5 billion valuation

When asked about his opinion about the imminent regulation on cryptocurrencies, he said that he expects the rules to be favorable for business:

“Regulatory clarity enables companies like BlockFi to continue to innovate. It enables consumers and investors to participate in this space with utmost confidence.”

This week, the Senate Banking Committee discussed US government backed central bank digital currency In a session where Massachusetts Democratic Senator Elizabeth Warren took a generally critical stance against crypto.

Calling crypto a “fourth-rate alternative to real currency” and a “shoddy investment”, he then called Dogecoin (DOGE) a “fake” currency. Warren said that the volatility of cryptocurrencies makes them unsuitable as a medium of exchange.