Zac Prince, CEO of prominent crypto lending firm BlockFi, voiced optimism that the crypto lending industry will survive despite ongoing regulatory crackdowns but said it would ultimately need a word from the feds. This comes as BlockFi’s interest-bearing crypto account has come under regulatory scrutiny in at least five U.S. states.
During a panel at Consensus 2021, BlockFi CEO Zac Prince discusses whether the current interest rates environment creates a path to integrate crypto with more traditional financing channels.
Both bitcoin and ether plunged overnight following news regarding President Biden’s proposal to increase the capital gains tax. Zac Prince, CEO of BlockFi, joined “First Mover” to discuss crypto lending and commented on the latest crypto sell-off. “I actually woke up and bought some bitcoin this morning,” Prince said.
As traditional markets undergo a level of anxiety not seen since the 2008 recession, the cryptocurrency industry showed few existential signs of distress.