Bybit CEO bashes harsh SEC crypto stance

Bybit CEO Ben Zhou has joined the laws discuss, telling crypto.information that harsh crackdowns on crypto exchanges received’t profit anybody. During the Blockchain Life summit in Dubai earlier immediately, he added that he expects bitcoin (BTC) to hit $50,000.

Bybit’s Ben Zhou doubles down on crypto crackdowns

At the Blockchain Life summit Dubai, Bybit CEO Ben Zhou instructed crypto.information that crypto crackdowns could also be going too far recently, commenting that it’s not useful for anybody. 

He stated, “ As far as my opinion goes, I don’t think regulation is the answer. To be honest, far more scams are happening in the regulated space.” 

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 is not going to solve the problem.”

He doubled down on the regulated areas having extra scams than the crypto house.

Zhou added that in case you may ask the big non-crypto firms about their reserves, they most likely wouldn’t reply. He additionally asserted that not even the banks assure 100%, 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 must 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 business received’t transfer ahead attributable to 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.

Other information additionally surfaced claiming that Binance would comply with swimsuit and settle expenses by taking a positive from the regulator.

Kraken’s Jesse Powell additionally detested the costs saying that he ought to have executed higher and never fallen into the SEC’s calls for.

Yesterday, SEC Chairman Gary Gensler tweeted that it considers all crypto transactions as securities aside from bitcoins’. His feedback weren’t acquired nicely by attorneys and the crypto group at giant.

These tendencies to push regulation too far push crypto stakeholders to talk out. Keep watching crypto.information for updates on regulation and different crypto-related tales. 

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