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.”