Mike Novogratz: hopes for neutral crypto regulation under the Biden administration

The founder of Galaxy Digital, Mike Novogratz, on CNBC expressed his hope that financial regulators under the incoming president Joe Biden would take a neutral stance toward cryptocurrencies.

Crypto investor Novogratz hopes for ‘open-minded’ regulators in Biden administration https://t.co/TijPxPhXHt

— CNBC (@CNBC) December 24, 2020

“I hope that after the inauguration on January 20, 2021, we will have more progressive regulators. I will be happy to welcome the new administration and obtain a regulatory framework that supports, rather than fights with, cryptocurrencies. Many crypto companies are ready to create big innovations,” Novogratz said.

The founder of Galaxy Digital noted bitcoin’s resilience amid pressure from the current White House team, which could not halt the rise to new record highs. Novogratz described bitcoin’s reaction to FinCEN’s proposal to verify users of non-custodial wallets.

The head of the crypto bank criticized FinCEN’s decision to limit the discussion of the new proposal to 15 days. As did representatives of the largest US bitcoin exchange Coinbase, he proposed extending it to the standard 60 days.

“This is a kind of carryover from the Trump administration, attempting to distort the law, which could have unintended consequences. It is anti-dollar and anti-innovation,” Novogratz said.

In the interview, the founder of Galaxy Digital noted a surge in institutional investor interest in bitcoin among the bank’s clients.

Earlier, in November, Mike Novogratz said that the rise in the price of the first cryptocurrency began to influence ‘big players’, who view bitcoin as a macro asset.

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