The United States desperately needs open-minded crypto rules from the new Joe Biden administration. According to the CEO of Galaxy Digital Mike Novogratz.
Appears in a segment on Thursday from Sqwuak box from CNBC, Novogratz said the Bitcoin (BTC) bull market has proven resilient to the recent wave of rhetoric against Capitol cryptocurrency:
“It shows you how powerful this bull market is […] You throw a lot into the system and it doesn’t really affect it. “
However, In order for the cryptocurrency industry to be successful in the long term, more clarity about the regulations is needed. Regarding the in-depth Biden administration, Novogratz said:
“I hope you know we get a changing of the guard in 20 days, I hope we can get more open-minded regulators.”
President Trump’s departure from the White House is a tumultuous time for the crypto industry. Last week, The Treasury Department’s Financial Crime Control Network (FinCEN) proposed new laws for wallets.
As a sign that the Treasury was trying to intervene in the legislation, there was only a 15 day comment period, which is much shorter than the typical 60 day period.
Another blow to some industry participantsThe Securities and Exchange Commission (SEC) is suing Ripple for allegedly selling an unregistered security in the form of its XRP tokens. The securities regulator brought its case in a thorough and detailed 71-page complaint against Ripple that was released earlier this week.
The 70-page SEC complaint against it #Ripple is an outline of breathtaking detail and scope. It’s not a petty or vengeful gesture: it’s a well-researched and well-articulated document that claims a scheme of epic proportions.
You should read it. https://t.co/CCoykYk317 pic.twitter.com/oArxi3y3bo
– Jon Rice (@JonRiceCrypto) December 22, 2020
The SEC’s 70-page complaint against #Ripple is an impressive breakdown and scope. It is not a mean or vengeful gesture: it is a well-researched and well-articulated document that claims a scheme of epic proportions. You should read it.
Novogratz and others believe archaic cryptocurrency laws will hinder innovation and adoption in the United States. Clear the way for rivals like China to dominate the market. Ironically, this is one of the arguments Ripple is using to counter the SEC’s lawsuit.
In his interview with CNBC Novogratz said persistent crypto laws have “a lot of unintended consequences”. The addition “They’re going to be pushing a lot of cool stuff that is happening in crypto overseas.”