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According to Zac Prince, regulatory certainty allows crypto firms to continue to develop.
BlockFi CEO Zac Prince agrees with US Senator Elizabeth Warren that the cryptocurrency sector is rife with noise. Nonetheless, he believes that regulatory certainty will benefit the ecosystem.
Describing regulators’ interest in crypto as a natural evolution of the technology, Prince said that discussions like Wednesday’s Senate Banking Committee hearings are very positive trends overall for the crypto sector.
It’s easy to mistake the forest for the trees, he says, pointing out that cryptocurrency is an asset class that has produced significant wealth for millions of individuals. “It has been the best performing asset class in seven of the last ten years,” he claims.
The cryptocurrency business is producing a lot of new employment across the board, according to Prince, who added, “This is something that we want to continue to happen in America.”
When asked about the coming cryptocurrency regulations, he stated that he expected the laws to be positive to the business:
“Regulatory clarity enables companies like BlockFi to continue innovating. It enables consumers and investors to participate in this sector with the utmost confidence.”
This week, the Senate Banking Committee debated a U.S. government-backed central bank digital currency, during which Senator Warren adopted a generally negative position towards cryptocurrency.
She went on to brand Dogecoin (DOGE) a “bogus” currency after describing crypto as a “fourth-rate alternative to real currency” and a “lousy investment.” Cryptocurrencies, according to Warren, are unsuited as a means of trade due to their volatility.