Bybit CEO Ben Zhou has joined the laws discuss, telling crypto.information that harsh crackdowns on crypto exchanges received’t profit anybody. Through the Blockchain Life summit in Dubai earlier at present, he added that he expects bitcoin (BTC) to hit $50,000.
Bybit’s Ben Zhou doubles down on crypto crackdowns
On the Blockchain Life summit Dubai, Bybit CEO Ben Zhou advised crypto.information that crypto crackdowns could also be going too far currently, commenting that it’s not helpful for anybody.
He stated, “ So far as my opinion goes, I don’t assume regulation is the reply. To be trustworthy, much more scams are occurring within the regulated house.”
Our reporter additional questioned whether or not this opinion was associated to the FTX meltdown. Zhou answered that after the FTX meltdown saga, many requested him whether or not he thought regulation would remedy such points. He stated the reply is all the time “regulation shouldn’t be going to unravel the issue.”
He doubled down on the regulated areas having extra scams than the crypto house.
Zhou added that in the event you might ask the massive non-crypto firms about their reserves, they most likely wouldn’t reply. He additionally asserted that not even the banks assure one hundred percent, perhaps not much more than 5% readability on their security of reserves.
In associated feedback, Zhou stated that he expects bitcoin to hit $50,000 this 12 months and other people needs to be contemplating shopping for.
SEC will get backlash for harsh crypto regulation
Ben Zhou is among the many individuals who’ve reacted to the continued and harsh crypto regulation. His stance is that the crypto trade received’t transfer ahead as a consequence of harsh regulation, a sentiment shared by his Coinbase counterpart, Brian Armstrong.
Armstrong has been calling out the SEC for too harsh crackdowns on crypto, citing poor utilization of energy the place the regulator is utilizing enforcement strategies. Earlier this month, the SEC charged Kraken $30 million plus a ban from providing crypto staking within the U.S.
Different information additionally surfaced claiming that Binance would comply with swimsuit and settle fees by taking a fantastic from the regulator.
Kraken’s Jesse Powell additionally detested the costs saying that he ought to have accomplished higher and never fallen into the SEC’s calls for.
Yesterday, SEC Chairman Gary Gensler tweeted that it considers all crypto transactions as securities other than bitcoins’. His comments were not received well by legal professionals and the crypto neighborhood at massive.
These tendencies to push regulation too far push crypto stakeholders to talk out. Preserve watching crypto.news for updates on regulation and different crypto-related tales.