Gregory Zerzan, the former deputy solicitor of the US Department of the Interior in the Trump administration, believes US regulators are trying to regulate an industry they don’t understand. He said this during an interview on November 3 while sharing his sentiments on how the digital economy will evolve.
His interview came after the President’s Working Group on Financial Markets published a report saying stablecoins could foster faster, more efficient, and more inclusive payment options. However, the entity suggested that Congress pass legislation that limits stablecoin issuance to insured banks.
In the interview, Zerzan noted that stablecoins offer freedom in a world where people no longer trust their national currencies. He pointed out that governments around the world have been printing money, contributing to the rising inflation. The attorney added that Satoshi Nakamoto invented Bitcoin (BTC/USD) to help people bypass this very situation.
Commenting on the Biden’s administration plan to rein in stablecoins, Zerzan, also, a former acting secretary of the treasury under President George Bush, said the government is only looking out for its best interests. He added that the move to regulate stablecoins like fiats is an attempt to fight back the urge people have to get control of their finances.
People are losing faith in governments
This news comes after Miami’s mayor, Francis Suarez, announced that he would take his next paycheck in BTC. Commenting on the mayor’s decision, Zerzan noted that he should have started accepting BTC while trading at the $30,000.00 (?21,963.45) level, seeing as its current value is above $62,000.00 (?45,391.13), and might be too much for taxpayers.
I’m going to take my next paycheck 100% in bitcoin…problem solved! @Sarasti can you help? https://t.co/v4YdPZ0tYc
— Mayor Francis Suarez (@FrancisSuarez) November 2, 2021
However, he believes that the pro-crypto mayor’s decision to accept his salary in crypto shows that people have lost faith in governments that continue printing money, seemingly, with no end. Zerzan gave an example of the US, which will run a $3.00 trillion (?2.20 trillion) deficit this year. To address this shortage, the government will have to print more money, leading to more inflation.
As such, Zerzan believes that the public is embracing BTC and other digital assets as an alternative means of exchange that fair well in a potentially hyperinflationary environment.
Moving on to crypto regulation, Zerzan said financial watchdogs are trying to get their hands around something they don’t understand. However, they need legislation before regulating the crypto space. According to him, Congress is not going to act on crypto regulation anytime soon. As such, crypto will continue to exist in a grey area from a regulatory standpoint.
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