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US billionaire hedge fund manager Paul Tudor Jones said in a recent paper that Bitcoin has “real problems” due to unfriendly US regulation. interview with CNBC.
“Bitcoin has a big problem because the US has a total regulatory body for bitcoin,” Jones said.
Appearing on CNBC’s Squawk Box on Monday, the infamous trader talked about investing in Bitcoin and said he plans to continue using it.
“I’m sticking with it,” Jones said. “I will always stick to this as just a small diversification of my portfolio.”
Bitcoin was valued at nearly $68,000 at its peak in November 2021, but has fallen to nearly $27,000 as of Monday night.
US Regulatory Views on Bitcoin
Securities and Exchange Commission Chairman Gary Gensler has ostensibly said Bitcoin is not a security, and in reality, anything but long-standing cryptocurrencies will be securities, he said. said in an interview. agent in February.
Gensler also said most cryptocurrencies are securities and are therefore regulated by the SEC.
This distinction is important because the CFTC is tasked with overseeing futures, options and swaps, while the SEC was established to regulate securities such as equities.
Meanwhile, Commodity Futures Trading Commission Chairman Rostin Behnham said: claimed Since Bitcoin is a commodity, it would be under his jurisdiction.
U.S. lawmakers are working on legislation to more clearly distinguish between cryptocurrencies as securities and commodities.
The company plans to introduce a revised version of the Responsible Innovation Act this spring, which was first introduced last June, according to Senators Cynthia Lumis (R, Wyoming) and Senator Kirsten Gillibrand (DN.Y). It is said that there is block works.
In it, they delegated oversight of the most popular cryptocurrencies to the CFTC, while also mentioning stablecoins and taxes.
Lawmakers said the new version would provide more detailed and clearer definitions of tokens.