Novogratz: The government’s regulation on crypto is upside-down

The CEO of Galaxy Digital Mike Novogratz has addressed the crypto regulatory space. In a conference call, he suggested that the government has it “upside down” with its priorities.

Novogratz shared insights in the firm’s fourth-quarter call. He explained to investors and shareholders that he is astonished that the government is paying so much attention to cryptocurrency regulation. He believes that they should prioritise addressing artificial intelligence (AI) regulation and look to crypto as a solution.

If it’s the government trying to pressure banks not to be in crypto, if it’s regulatory enforcement after regulatory enforcement, the SEC seems to be issuing Wells letters weekly, there’s going to be a huge backlog of judicial proceedings. That’s not good for innovation, it’s not good for America’s chance to lead this industry, it’s pushing people offshore, and so we’re fighting back… It shocks me that we’re talking so much about crypto regulation and nothing about AI regulation. I mean, I think the government’s got it completely upside-down.”

Novogratz’ “deep fake” world refers to the difficulty to prove identity in a digital world . He pointed to blockchain and crypto as a way to combat a digital identity crisis:

“You know, like, the deep fake world is going to be so much more prevalent, and so how do you prove identity in a world like that? Crypto and Blockchain is going to have a huge role in that.” It is dumb to think that we should cache this industry because of Sam Bankman-Fried in his Bermuda shorts, period.

Novogratz: The future of crypto is bright

One of Galaxy’s main aims is to bridge the gap between traditional finance and the emerging world of digital assets. With this goal, the firm has become one of the largest and most well-known companies operating in the digital asset space. Novogratz, along with other shareholders in Galaxy, are bullish about Bitcoin and foresee a bright future for the industry.

[Despite] what you would think are insurmountable odds, crypto prices are higher, activity is moving up, and we see a pretty promising future.”

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