Novogratz slates SEC criticisms against cryptocurrency
It is no secret that the American Securities and Exchange Commission (SEC) has been trying to crack down on cryptocurrencies. The SEC is mostly concerned with the security and integrity of Bitcoin and other similar cryptocurrencies. However, what the SEC has failed to understand is that Bitcoin and other cryptocurrencies are in a stage of evolution where the technology can be manipulated to secure our financial privacy.
Wall Street’s biggest names are jumping into the cryptocurrency market, with the likes of billionaire Michael Novogratz predicting a Bitcoin bubble is coming. But the Securities and Exchange Commission has been even more skeptical, and has moved forward on at least two investigations into fintech companies that have raised billions of dollars for their digital token offerings, as the SEC Chairman Jay Clayton has testified.
The SEC is the most powerful regulatory body in the United States. It is tasked with advising the government on financial matters, and it is effectively the government’s watchdog on securities. It is also responsible for enforcing the nation’s securities laws. It recently issued a public statement warning that cryptocurrency assets are securities.. Read more about can ripple win sec lawsuit and let us know what you think.
Galaxy Digital CEO Mike Novogratz has commented on the currency criticism leveled at US politicians after Senate remarks. Novogratz went to Twitter to criticize Senator Elizabeth Warren’s statements on cryptocurrencies, calling the sector and market “the Wild West.”
“[Cryptocurrency ] the wild west of our financial system and urgently requires rules of the road to safeguard investors and our economy,” Warren said on Twitter. This was in response to news that the new Securities and Exchange Commission (SEC) head, Gary Gensler, wanted to tighten cryptocurrency regulation and increase security.
Gensler expressed his strong interest in the sector in a lecture at the Aspen Security Forum, noting that he and investors in the business aren’t always on the same page regarding technology. He said, “
“While I am uninterested in the technology—I spent three years teaching it and leaning into it—I am not uninterested in investor protection… If someone wants to speculate, it is their option; but, as a country, we have a responsibility to safeguard those investors against fraud.”
Gensler went on to add that he recognizes the potential of technology in the financial sector, but that it must first be considered in the context of “strong and smart regulation.” “A technology has a possibility of wider acceptance only if we bring it inside—and kind of clearly inside our public policy goals,” he said.
In response, Novogratz suggested that instead of criticizing innovation, authorities should turn to it, saying:
Crypto is the future of our financial system, and our people deserve elected leaders who take the time to learn about it. The majority of our leaders have yet to do so. Regulators and politicians must also recognize that fresh ideas need space to develop. https://t.co/8Fvchigfg5
August 3, 2021 — Mike Novogratz (@novogratz)
If you’ve been following the cryptocurrency market for a while, then you’ve no doubt heard of Mike Novogratz. The former Goldman Sachs partner is known in the industry for calling Bitcoin the best idea since the Internet, and has been a proponent of cryptocurrency in his own right. However, he hasn’t always felt that way. In fact, he has recently expressed concerns with the way the Securities and Exchange Commission has been treating cryptocurrency companies. Novogratz said that the SEC has been treating cryptocurrencies like utilities that can be regulated like securities. But as a result, the SEC’s actions have been making cryptocurrency companies very wary of going public, he said. “It’s created a lot of fear,” said Novogratz. “. Read more about crypto rumor and let us know what you think.
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