Galaxy Digital Holdings Chief Executive Mike Novogratz expressed his surprise at the U.S. government’s willingness to discuss cryptocurrency regulations while they say “nothing about AI regulation”. Novogratz said this is “completely upside-down”.
A Real Technology That People Care About
Crypto Millionaire and Galaxy Digital Holdings CEO, Mike Novogratz, recently commented that he was shocked by the lack of attention regulators give to his industry. Novogratz said the U.S. government is “talking so much about crypto regulation and nothing about AI [artificial intelligence] regulation”. He also suggested that it would “be dumb” for the government to “cache this industry because of Sam Bankman-Fried in his Bermuda shorts.”
At Galaxy Digital’s Fourth Quarter (Q4) 2022 Shareholder Update Conference Call, Novogratz defended Sam Bankman-Fried, saying that he supports any move that removes bad actors out of the space. Nevertheless, the CEO expressed his disapproval of the U.S. regulaTors’ approach, which he said is like “throwing the baby out with the bath water.”
According to Novogratz, crypto has developed into a practical way of protecting value in a world where fiat currencies like the U.S. dollar are continuously getting devalued. He said “this is a real technology that people care about. This is the real alternative to a way to save money in a world where it feels like the dollar will be debased, or all Fiat will be debased. The real way of monetizing IP in the NFT [non-fungible token] space, and lots of other — this isn’t tulips in sixteenth-century Holland. This is a real technological breakthrough.” The CEO mentioned that the U.S. government could choose to focus on crypto and not AI by choosing to do so, which he said they have “got it completely upside-down.”
Gary Gensler’s Uncertainty
When asked about his main issue with the U.S., he said that he was not certain. Answering, he directed to the SEC chair and regulators. Gary Gensler’s hesitations when it comes to what is classed as a security and what is not. The CEO also seemed to blame the SEC’s inability to clearly name or outline the features that make a crypto asset a security for causing the deadlock that presently exists between industry players and regulators.
When asked What can be done to help the industry move forward? Novogratz said:
We need smart people to think about how we can take this new industry and create rules that allow legitimate players to forge it in the U.S., and grow it.
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