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"It is not possible to, I think, destroy crypto, but it is possible for governments to slow down its advancement," Musk said at the Code Conference in Beverly Hills, California. Another indication of Musk starting to need government to go his way. What is the US government becomes anti- Musk or NASA pulls out or is de-funded?

Six crypto leaders appeared at a House Financial Services Committee hearing that "explored how the government should oversee and improve regulation of the industry." The "general sentiment of the hearing was positive towards the cryptocurrency industry, a dramatic shift from past years. This disposition surprised some, but it reflects an evolving view of the benefits of cryptocurrency technology and the fear that the US is falling behind other countries such as China that have made noticeable progress towards launching a sovereign digital currency." The piece notes that the Senate Banking "has a hearing on stablecoins next Tuesday and it will likely be more skeptical towards this emerging asset class." The witnesses include Alexis Goldstein, Director of Financial Policy, Open Markets Institute; and Professor Hilary J. Allen, American University Washington College of Law.

Indian Prime Minister Narendra Modi's government has listed a bill for the upcoming Parliament session that reportedly seeks to prohibit all private cryptocurrencies with certain exceptions in India and to create a centrally controlled cryptocurrency under the control of the national bank.

"The move comes amid a global cryptocurrency crackdown as governments from Asia to the United States fret that privately operated highly volatile digital currencies could undermine their control of the financial and monetary systems, increase systemic risk, promote financial crime and hurt investors."