In a recent statement, Mike Novogratz, the CEO of Galaxy Digital, expressed concern about the US government’s attitude towards the crypto industry. According to Novogratz, the government appears to be hostile to this emerging sector. This is in contrast to other countries where more positive developments are observed.
‘US government under Biden not crypto-friendly‘
In a new Bloomberg interview say Novogratz that the US government led by the Democratic party under President Biden “doesn’t like crypto”.
According to Novogratz, the dissolution of FTX and its founder Sam Bankman-Fried is partly to blame for the hostile treatment the crypto industry is receiving from Washington. “And so we are now under attack from the US government.
It is also partly due to the fact that Sam Bankman-Fried, the biggest donor to Joe Biden and the Democratic Party, was heavily involved with both the SEC (US Securities and Exchange Commission) and the CFTC (Commodity Futures Trading Commission).
So the ties between these parties seem very close and that casts a shadow over the future of crypto in the US.
“You are fighting a crypto community that loves this technology, that believes in it almost religiously, that is resilient like no other. And so I’m bullish, not because all the settings are coming in. But because the people who started this revolution have been re-motivated.”
Mike Novogratz recently stated that the Middle East and Asia currently host the most crypto-friendly jurisdictions in the world. This is especially striking considering that the United States seems to be taking a hostile attitude towards the crypto industry right now.
So it seems that other countries are increasingly opening up to the opportunities that crypto offers, while the US is lagging behind. This could potentially have major implications for the US position in this rapidly developing industry.
“For example, Abu Dhabi is developing a very friendly regime for crypto, while Hong Kong is currently developing one of the most favorable crypto regulations in the world.”
