Billionaire Tim Draper has criticized the Chair of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, for stifling crypto innovation with damaging policies. In an interview with Fox Business’s The Claman Countdown, Draper argued that the SEC should have no oversight on crypto technology and called for a new way of regulation.

He also criticized the confusing and discouraging regulatory climate in the US, which he believes is driving innovation out of the country. Draper commended Coinbase CEO Brian Armstrong for his role in the crypto industry and called for clear guidelines to be established for crypto firms.