Having President Donald Trump and his administration supporting the cryptocurrency industry is “amazing” and is leading to confidence in the technology, Michael Zuccarelli, co-founder of Terra Hosting, told Newsmax on Tuesday.
“This is great,” Zuccarelli said on “National Report.” “I’ve spoken about this a lot. Had the other administration maybe in power, there would be a lot of fear in the market right now. President Trump is backing the market. There’s a lot of innovation happening, and it’s ultimately great for the U.S. economy.”
The Securities and Exchange Commission’s Crypto Task Force has been meeting with industry leaders to discuss tokenization and trading, with a goal of moving away from regulation by enforcement, Newsmax reported Tuesday.
SEC Chairman Paul Adkins announced Monday that the commission is working on an innovation exemption that will help decentralized financing of some of the platforms, and to encourage developers and entrepreneurs to bring chain products and services to market faster, while protecting investors and maintaining market integrity.
Meanwhile, concerns have been voiced about the potential of bad actors being involved in cryptocurrency, but Zuccarelli pointed out that the United States has been ramping up cybersecurity.
“Crypto and blockchain can fall into the cybersecurity realm, so I’m not too worried about that,” he said. “Listen, there are bad actors everywhere. You’ve got bad judges. You’ve got bad politicians, bad lawyers. So unfortunately, that’s just human nature.”
He added that “blockchain technology actually forces people to be truthful because you can’t lie on the ledger. So when it comes to innovation and moving crypto and money around, if we know your address, we can see it. It’s actually a really big public domain. Probably why the Democrats didn’t like it.”
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