Elon Musk: Between Deregulation Aspirations and Anti-Crypto-Bot Policy

Elon Musk is certainly one of the most prominent visionaries in the tech ecosystem. He believes that this industry, vital for the American economy, is unduly burdened by unsustainable regulatory pressure. While the tech sector is more dynamic than ever, the businessman is calling for deregulation policies. At the same time, the CEO of X wants to put an end to the proliferation of crypto-bots.

Elon Musk Calls for Deregulation of the Crypto Ecosystem

Elon Musk has called for a wide-ranging deregulation policy in the tech world, which of course includes cryptocurrencies. The CEO of Tesla and SpaceX made this call after predicting that the SEC would likely undergo a complete overhaul.

The billionaire’s statement comes in the wake of the extensive regulatory policy pursued by the U.S. financial regulator, especially in the field of cryptocurrencies. This plan has been the subject of much debate and controversy in recent months.

Indeed, many voices, including lawmakers, regulators, companies, and individuals, have spoken out to denounce what they see as the SEC’s attempt to undermine investments by making them less profitable in the long run.

This is at least the view of Vladimir Tenev, CEO of Robinhood Markets, in response to a new regulatory proposal. This measure specifically targets predictive data analysis (PDA) and artificial intelligence (AI), which has not gone unnoticed by Elon Musk. ‘Our civilization is slowly suffocated by an incessant flow of regulations,’ said the CEO of X (Twitter), who is himself engaged in a standoff with the SEC.

Tesla CEO Elon Musk Calls for 'Comprehensive Deregulation' After Predicting SEC Overhaul pic.twitter.com/TUiLglApoX

— Bradicoin (@Bradicoin10) October 24, 2023

Elon Musk Aims to Curb the Proliferation of Crypto-Bots

Highly involved in the crypto market, the CEO of Tesla and SpaceX recently commented on crypto-bots. These are automated computer programs designed to perform specific tasks related to the crypto sector, such as buying, selling, or exchanging cryptocurrencies, among others.

While the use of these crypto-bots has many advantages, they are not without risks. This is especially because some malicious actors can use them for fraudulent activities, including scams.

To counter this growing problem, Elon Musk plans to charge new X users $1. However, according to experts, this project may be insufficient to curb crypto-bots.

First, because previous attempts to charge users have not really prevented scams. But mainly because there is a more effective solution. “We believe that Web 2.0 platforms should consider implementing decentralized proof of personhood and decentralized identity (DID) methods to effectively address the issue of bots,” says James Wo, founder and CEO of DFG.