Robinhood CEO Vlad Tenev has criticized UK policymakers for what he described as a “backward” approach to crypto trading regulations, especially when contrasted with the permissive stance on regulated gambling.
In an interview with The Times, Tenev emphasized the importance of individual autonomy in financial decisions, dismissing concerns about young people developing an “addiction” to crypto trading.
Earlier this year, Amanda Pritchard, Chief Executive of the UK’s National Health Service (NHS), voiced alarm over a growing number of young men seeking treatment for addiction linked to Bitcoin trading. She called for stricter regulations on cryptocurrency platforms to mitigate further risks.
Responding to these concerns, Tenev remarked,
“I believe people should have the freedom to choose what they do. From a policy perspective, it’s perplexing that gambling remains acceptable while crypto and margin trading are viewed as problematic. That kind of inconsistency doesn’t make sense to me.”
Tenev also outlined an ambitious vision for Robinhood, aiming to evolve it into a global financial giant on par with JP Morgan. His plan encompasses managing everything from micro Bitcoin transactions to retirement portfolios and incorporating AI-powered financial planning. He revealed that the UK is set to play a pivotal role as the launchpad for this bold expansion strategy.
This interview by Tenev comes as the British government reportedly plans to introduce new crypto regulations by December 2024 to retain companies drawn to pro-crypto policies in the U.S. under President-elect Donald Trump. According to a report, the U.K. Treasury is preparing legislation to regulate stablecoins and exempt crypto staking from certain financial rules, empowering the FCA to establish specific guidelines.
Meanwhile, the FCA has maintained stringent registration standards for crypto firms, which Val Smith, FCA Head of Payments and Digital Assets, describes as crucial for building a sustainable digital asset industry. Smith emphasised that unchecked growth without regulation is unsustainable and highlighted the FCA’s collaboration with the government, industry, and global stakeholders to ensure a secure and stable crypto sector in the U.K.
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