The Galaxy founder Mike Novogratz bashed Gensler, the chair of the SEC saying he is gunning for crypto but that doesn’t mean that it has to be bad so let’s see what he had to say more in our BTC news today.
Mike Novogratz bashed Gensler and commented on the institutional crypto adoption subject that the “herd is coming” but the laws don’t have to spell doom. The SEC chairman Gary Gensler didn’t set foot inside the Messari Mainnet conference in New York but he did make an interview with the Washington Post and he called cryptocurrencies an asset highly speculative and his remarks added to the market correction on Tuesday.
During the Wednesday morning panel at the conference, Novogratz was unequivocal when he was asked about Gensler and he said:
“Gary is smart, there’s absolutely no doubt about it he’s smart. There’s also absolutely no doubt about it that he wants to regulate crypto. Clear as could be. He wants to be the sheriff of Cryptoville.”
Gensler also used his interview to make the case to the DC lawmakers that the SEC is the best office to regulate the market and the lending protocols which are only fueling the growth:
“It’s highly likely that [lending platforms] have thousands of tokens, and it’s highly likely that they have on these platforms securities investment contracts or notes or others that fit the definition of a security,there’s going to be a problem on lending platforms or trading platforms.”
The SEC flexed its muscle lately by pushing Coinbase to drop the Lend product before it was even able to launch. Coinbase planned to use the project to deliver high-yield returns on other cryptos held with the exchange and BlockFi and Celsis that run their own crypto interest accounts, were hit with a cease-and-desist order by several regulators. Novogratz however isn’t working on crypto lending. His latest focus is on how to get a crypto ETF approved by the SEC. Galaxy Digital partnered with Invesco investment management firm to file a new Bitcoin ETF proposal. The ETFs are the holy grail of crypto investing because they trade like stocks and integrate into retirement portfolios.. he also is not concerned that he is wasting his time because he mentioned during his panel, that he is working to hire someone that can speak DC language and teach the lawmakers about crypto:
“The SEC will get there,” he said. “I’m sure. I don’t know when, but I’m sure they will get there.”