Referring to the incoming Biden administration, Novogratz said:” Im hoping, you understand– we get a change of the guard in 20 days– Im hoping we can get some more unbiased regulators. Novogratz and others think that antiquated cryptocurrency laws will prevent innovation and adoption in the United States, paving the way for rivals like China to dominate the market. Ironically, this is one of the arguments being used by Ripple to counter the SECs lawsuit.In his interview with CNBC, Novogratz stated persistent crypto laws have “a lot of unintended repercussions,” including that, “its going to push a lot of the cool stuff thats happening in crypto offshore.
The United States remains in desperate requirement of open-minded cryptocurrency regulations from the inbound Biden administration, according to Galaxy Digital CEO Mike Novogratz. Appearing in a Thursday segment of CNBCs Sqwuak Box, Novogratz said the Bitcoin (BTC) bull market has actually shown resilient to the current wave of anti-crypto rhetoric coming from Capitol Hill:” It tells you about how powerful this booming market is […] They are tossing lots at the system, and its not really affecting it.” Nevertheless, for the cryptocurrency market to truly be successful in the long run, more regulatory clearness is required. Referring to the inbound Biden administration, Novogratz stated:” Im hoping, you understand– we get a change of the guard in 20 days– Im hoping we can get some more open-minded regulators.” President Trumps departure from the White House is showing to be a rocky duration for the cryptocurrency market. Recently, the Treasurys Financial Crimes Enforcement Network proposed new disclosure rules for self-hosted wallets. In a sign that the Treasury was trying to jam legislation through, it supplied just a 15-day comment period, which is much shorter than the typical 60-day duration. In another blow to some industry participants, the Securities and Exchange Commission, or SEC, is taking legal action against Ripple for presumably selling an unregistered security in the kind of XRP tokens. The securities regulator made its case in a meticulously in-depth 71-page takedown of Ripple released earlier this week. The 70-page SEC complaint versus #Ripple is a teardown of awesome detail and scope. Its not a petty or vindictive gesture: its a well-articulated and well-researched document that alleges a plan of epic percentages.
You should read it. https://t.co/CCoykYk317 pic.twitter.com/oArxi3y3bo— Jon Rice (@JonRiceCrypto) December 22, 2020
Novogratz and others think that antiquated cryptocurrency laws will prevent development and adoption in the United States, paving the method for rivals like China to dominate the marketplace. Paradoxically, this is one of the arguments being utilized by Ripple to counter the SECs lawsuit.In his interview with CNBC, Novogratz stated stubborn crypto laws have “a lot of unintentional repercussions,” including that, “its going to push a great deal of the cool things thats taking place in crypto offshore.” Title: Novogratz hopes Biden admin reverses Trumps anti-crypto position Sourced From: cointelegraph.com/news/novogratz-hopes-biden-admin-reverses-trump-s-anti-crypto-stancePublished Date: Thu, 24 Dec 2020 20:30:00 +0000