Tuesday, March 9, 2021
pool-ads
Home Latest News Policy and regulation Novogratz hopes Biden admin reverses Trump's anti-crypto stance

Novogratz hopes Biden admin reverses Trump’s anti-crypto stance

The United States is in desperate need of open-minded cryptocurrency regulations from the incoming Biden administration, according to Galaxy Digital CEO Mike Novogratz.

Appearing in a Thursday segment of CNBC’s Sqwuak Box, Novogratz stated the Bitcoin (BTC) bull market has proven resilient to the recent wave of anti-crypto rhetoric coming from Capitol Hill:

“It tells you about how powerful this bull market is […] They are throwing lots at the system, and it’s not actually impacting it.” 

However, for the cryptocurrency industry to truly succeed in the long run, more regulatory clarity is needed. Referring to the incoming Biden administration, Novogratz stated:

“I’m hoping, you know — we get a change of the guard in 20 days — I’m hoping we can get some more open-minded regulators.” 

According to Cointelegraph, Novogratz and others think that archaic cryptocurrency laws will hinder innovation and adoption in the United States, paving the way for rivals like China to dominate the market. 

In his interview with CNBC, Novogratz noted that the stubborn crypto laws have “a lot of unintended consequences,” He also added, “it’s going to push a lot of the cool stuff that’s happening in crypto offshore.”

Subscribe to our newsletter

To be updated with all the latest news, offers and special announcements.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -
magazine-ads

Must Read

Iran Should Mine Crypto to Skirt Sanctions, Says President-Linked Think Tank

0
According to Iran Wire, the Iranian Presidential Center for Strategic Studies report says “cryptocurrency extraction” could provide economic benefits to several different sectors of...