Mike Novogratz blasts US officials for poor grasp over crypto industry

The billionaire crypto proponent said politicians and regulators have a flawed understanding of crypto and its technological underpinnings.

Mike Novogratz blasts US officials for poor grasp over crypto industry

Amid the chorus of stringent crypto regulations among several United States leaders, proponents like Galaxy Digital CEO Mike Novogratz look to counter anti-cryptocurrency sentiments circulating in Washington.

Tweeting on Tuesday, Novogratz described crypto as the “future of our financial systems” while adding politicians and regulators ought to do their homework before devising policies to regulate the industry.

Novogratz’s tweet was in response to Senator Elizabeth Warren’s remarks where the Democratic Senator from Massachusetts once again espoused anti-crypto sentiments calling cryptocurrency “the wild west” of the U.S. financial system.

Senator Warren has been a vocal proponent of more stringent crypto regulatory policies even querying officials like Gary Gensler, chairman of the Securities and Exchange Commission (SEC) and Treasury Secretary Janet Yellen to come up with stricter rules for virtual currencies.

Speaking to the Aspen Security Forum on Tuesday, Gensler recognized the value proposition of Bitcoin (BTC) and crypto assets albeit stating that cryptocurrencies were “highly speculative stores of value.”

As previously reported by CryptoPumpNews, Gensler has expressed the need for more robust crypto regulations in America. According to the SEC chair, such policies should cover token sales and crypto exchanges and decentralized finance (DeFi) as cryptocurrency lenders.

Related: Sen. Warren urges Treasury Secretary Yellen to combat rising crypto threats

Novogratz’s comments about the lack of understanding being displayed by some politicians on the subject of crypto regulators seem to have become a point of focus in the ongoing discussions surrounding the planned $1 trillion infrastructure.

Additions to the bill in the form of an expanded crypto taxation regime that could bring in $28 billion in extra funding for the infrastructure deal has caused some debate among Senators in Washington. Given the broad verbiage employed in the bill’s wording, miners and software developers could be burdened with onerous taxes.

Read the article:  An automated trading platform is making algorithmic crypto trading accessible to U.S. crypto traders

Senators like Patrick Toomey have called for express exemptions for non-crypto trading entities like miners and software developers from the proposed expanded crypto tax rules.

Every trader who trades cryptocurrency on the Binance exchange wants to know about the upcoming pumping in the value of coins in order to make huge profits in a short period of time.
This article contains instructions on how to find out when and which coin will participate in the next “Pump”. Every day, the community on Telegram channel Crypto Pump Signals for Binance publishes 1-2 free signals about the upcoming “Pump” and reports on successful “Pumps” which have been successfully completed by the organizers of the VIP community.
These trading signals help earn from 20% to 150% profit in just a few hours after purchasing the coins published on the Telegram channel “Crypto Pump Signals for Binance”. Are you already making a profit using these trading signals? If not, then try it! We wish you good luck in trading cryptocurrency and wish to receive the same profit as VIP users of the Crypto Pump Signals for Binance channel. Examples can be seen on this page!
John Lesley/ author of the article

John Lesley is an experienced trader specializing in technical analysis and forecasting of the cryptocurrency market. He has over 10 years of experience with a wide range of markets and assets - currencies, indices and commodities.John is the author of popular topics on major forums with millions of views and works as both an analyst and a professional trader for both clients and himself.

Leave a Reply