Elon Musk Sides With Coinbase ‘Crypto Regulation’ Stance
Crypto Market News: The recent rise of artificial intelligence (AI) integration in mainstream businesses in naturally attracting the question of regulating AI usage, as already pointed by the likes of billionaire Elon Musk. However, the US regulators have been waging a parallel war against crypto market since the beginning of 2023, as the U.S. Securities and Exchange Commission (SEC) continues to target crypto businesses operating in the United States. In this context, there is an interesting situation wherein there are conflicting arguments in terms of regulating the AI space versus the digital assets space.
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Recently, the US SEC filed back to back lawsuits against Coinbase and Binance, which are the world’s top crypto exchanges in terms of trading volumes. However, the Coinbase lawsuit came as a direct contradiction to the exchange’s demand for clear regulatory framework for crypto assets from the reguatory agency. The regulator claimed that Coinbase had been operating as an unregistered broker since at least 2019, whereas it was in the same year that the SEC approved SEC’s IPO application.
Elon Musk Responds To Crypto Vs AI Regulatory Concerns
Although Coinbase had in recent times moved court over its request to compel the SEC to respond to a crypto rulemaking petition, it can also be argued that the crypto exchange actually never wanted any regulation. It is, however, widely agreed that regulation of digital assets under the existing rules is accepted by hardly any crypto market participants. Hence, Coinbase may be open to regulation as and when there are clear rules for the crypto space, which it appears will be a distant plan in near future, considering the upcoming US presidential election 2024 and the possibility of a regime change, including at the SEC.
Whereas on the other side, Sam Altman, the chief executive officer of OpenAI, recently called for the United States administration to regulate the artificial intelligence space. In this context, Musk responded to the double puzzle on regulating the two emerging markets.
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