Galaxy Digital CEO, Mike Novogratz, has recently expressed his concerns regarding the US government’s treatment of the crypto industry. In a Bloomberg interview, Novogratz stated that the Biden administration “doesn’t like crypto,” adding that the unraveling of FTX and its founder, Sam Bankman-Fried, is partially responsible for the hostile treatment.
Novogratz claims that Bankman-Fried, who was Joe Biden’s biggest donor and the biggest donor to the Democratic Party, was involved in a close relationship with the SEC and CFTC. As a result, the Democrats are now trying to distance themselves from the crypto industry, which has resulted in the small cabal of individuals, including Senator Elizabeth Warren and SEC Chair Gary Gensler, attempting to “crush crypto.”
The Crypto Industry will Continue to Thrive
Despite this, Novogratz remains bullish on the crypto industry, stating that the crypto community is “re-energized” and will not be easily deterred. He believes that the crypto community is resilient and that the industry will continue to thrive, despite the hostile treatment from the US government.
Furthermore, Novogratz notes that the Middle East and Asia are now home to some of the world’s most crypto-friendly jurisdictions, while the US remains hostile towards the industry. Abu Dhabi and Hong Kong, in particular, are cited as two jurisdictions that have developed a friendly crypto regime.
Novogratz’s concerns regarding the US government’s treatment of the crypto industry are not new. In recent months, there has been growing concern among the crypto community regarding potential regulatory actions that could stifle innovation and growth in the industry. The SEC, in particular, has been taking a closer look at the crypto industry, with SEC Chair Gary Gensler stating that the agency will be focusing on the regulation of cryptocurrencies and initial coin offerings.
Despite these concerns, the crypto industry continues to grow and evolve. The recent surge in the price of Bitcoin and other cryptocurrencies is a testament to the resilience of the industry and the strong support of the cryptocurrency community. However, it remains to be seen how the US government’s treatment of the industry will impact its future growth and development.
