John McAfee: regulation “will cripple cryptocurrencies”

John McAfee slams the idea of regulation of crytocurrencies, arguing that “crypto is free”, and that legislation will “cripple” crypto.

Whilst a good number of people in the cryptocurrency sector have been calling for some degree of regulation to offset what’s been described as the ‘wild west’ nature of the market as it stands, controversial tech figure John McAfee is very much on the opposite side of the argument.

In the latest post to his Twitter account, McAfee – who’s been vocal about cryptocurrency, most recently predicting a surge in crypto prices ahead – has slammed the idea of bringing in government regulation for the crypto sector.

McAfee explains his view that regulation “is an oversight by the government, designed to protect those people who are not competent enough to protect themselves”.

He added that “if we have regulations that protect those people who should not be investing, should not be involved, then those same regulations apply to those of us who are competent… capable of making informed decisions, and taking responsibility for the results of those decisions”.

McAfee draws parallels in his post to regulation in the US healthcare system, that he argues lags behind others in the world, as a result of the regulation that surrounds it. “Every aspect of our government is designed to control and restrict”, he says.

Of America, he adds that “we are the most regulated country in the world. Crypto is free, it’s based on freedom, freedom of choice, freedom to take responsibility for yourself, rather than expecting an agency or government to protect you”.

“It is a major, major issue that will cripple cryptocurrencies if we allow regulation without a fight”.

His comments come against a backdrop of governments around the world – America included – struggling to both wrap their heads around cryptocurrency, and come up with a strategy to address it. Regulation, most agree, is an inevitability. But McAfee, for one, is going to a loud voice of opposition to it.

His full post can be found here.

Image: NullSession