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Elon Musk and Brian Armstrong defend cryptocurrencies against the new law

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Tesla’s technology magnate and CEO, Elon Musk, has expressed concern about the Infrastructure Bill, which also has a significant impact on the cryptocurrency sector. This law is said to even destroy certain parts of the crypto-industry.

What does Elon Musk think?

Musk basically responded to a tweet from Coinbase CEO Brian Armstrong. He criticized an amendment to the infrastructure bill on his Twitter. These last-minute changes were introduced by Senators Rob Portman, along with Mark Warner and Kyrsten Sinem. This amendment even got the green light from President Biden. The essence of the law is to determine which technologies are in order and which are not in the cryptoindustry.

Armstrong called the changes an absolute disaster. According to him, this law requires validators proof-of-stake impossible things, while from miners (minerals) proof-of-work not. It is therefore an obvious injustice. He added that the government was looking for winners and losers. He compared it to senators who determined that iOS was fine, but Android was no longer.

CEO Coinbase also warned that if senators vote for a change from Senator Mark Warner, then “We will see the future development of blockchain technology, which will move abroad to countries like China, which are currently adopting it.” He further specified:

“If the United States does not embrace the innovations that are taking place in the cryptocurrencies, it risks becoming a financial problem and missing one of the fastest growing sectors of the economy. Imagine shrinking the internet and building the biggest internet companies overseas. ”

Musk agreed, stressing that now was not the time to choose technology winners and losers in the cryptocurrencies. According to him, such measures are not necessary. There is no crisis that will force hasty legislation.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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