American policymakers and officials have not done enough to understand the technology behind cryptocurrencies, and they are hindering innovation in the financial sector. Galaxy Digital CEO Mike Novogratz said.
Crypto is the future of our financial system and our citizens deserve officials that do their homework to understand this new technology. Most of our leaders haven’t done that yet. We also need regulators and politicians who understand that new ideas need room to grow. https://t.co/8Fvchigfg5
— Mike Novogratz (@novogratz) August 3, 2021
“Cryptocurrencies are the future of our financial system, and citizens deserve officials who do their homework to understand this new technology. We also need regulators and policymakers who understand that new ideas need room to grow,” wrote Novogratz.
His tweet was in response to a remark by Democratic U.S. Senator Elizabeth Warren, who called cryptocurrencies the “Wild West” of the financial system.
The politician reminded her stance on tightening regulation and noted that the new SEC chairman Gary Gensler agrees on the need for rules to protect investors and the economy.
The day before, while speaking at the Aspen Security Forum 2021, SEC chair stated that the agency is considering a tougher oversight regime to protect investors in the cryptocurrency market. He described the scene there as the Wild West.
In May 2021, at a hearing of the House Financial Services Committee, Gensler urged lawmakers to develop clear rules for the cryptocurrency industry.
SEC Commissioner Hester Peirce, known as “Crypto Mom,” stated that the leadership under Gensler could be a “very productive period” for the industry.
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