Mike Novogratz pushed for crypto awareness in his latest zoom meeting.
Michael Edward Novogratz is an ex-hedge fund manager, formerly of the investment firm Fortress Investment Group. He is the current CEO of Galaxy Investment Partners which focuses on cryptocurrency investments such as Bitcoin and Ethereum.
“The crypto community needs to do a better job of lobbying and educating politicians,” said Galaxy Digital chief Mike Novogratz.
Regulatory uncertainty kept coming up at London’s Token2049 conference on Thursday.
“The crypto community needs to do a better job of lobbying and educating politicians”
MIKE NOVOGRATZ
Speaking via Zoom, Mike Novogratz pushed for crypto awareness in his latest zoom meeting. He said that the US Securities and Exchange Commission (SEC) Chair Gary Gensler was smart and committed. But in the same breath, Mike Novogratz also questioned the scope of the regulator’s reach where crypto is concerned.
“Gensler wants to be the sheriff of crypto, but he doesn’t have full authority because of the newness of our industry,” said Mike Novogratz to the audience at London’s Token2049 conference.
Token2049 is a two-day main event that brings together the global crypto industry, uniting entrepreneurs, investors, developers, industry enthusiasts, and the global media, thereby creating an unparalleled network opportunity.
“This is the community that defines what is next in the space,” according to the Token2049 website.
“This is the community that defines what is next in the space”
Token2049 website
Mike Novogratz pushed for crypto awareness to solve regulatory uncertainty, particularly whether determining if crypto becomes security when it’s lent to someone
“I am lamenting a period of continued regulatory uncertainty. However, the crypto industry has brought some of this on itself by a lack of education,” said Mike Novogratz.
“The crypto community at large, myself included, didn’t do a good enough job lobbying domestic politicians, educating them, so they understand what they’re talking about,” he added.
“The biggest decision is how stable coins are approached,” – Mike Novogratz
Mike Novogratz pushed for crypto awareness and clarity over stable coins and he also sounded downbeat about a looming central bank digital currency
“The biggest decision is how stable coins are approached,” said Mike Novogratz,
He also warned against giving central bankers power over stable coins. Mike Novogratz described himself as a “giant alarm ringer” about centralized stable coins.
“A central bank-issued currency, I think, quite frankly, will be a disaster,” Novogratz said, referring to central bank digital currencies (CBDC). “Governments are not good at innovating and I don’t think anyone in the West wants to give up as much privacy as the Chinese are willing to give up,” he said.
CBDCs use blockchain technology
China, Sweden, the Bahamas, the Eastern Caribbean Currency Union, and the Marshall Islands can currently be seen as pioneers in the CBDC space.
The Reserve bank of India (RBI) has been gearing up for the phased introduction of a central bank digital currency (CBDC), and Nigeria recently postponed its CBDC launch.
Mike Novogratz pushed for crypto awareness but is also alarmed about the inevitable centralization of cryptocurrencies
But what that could imply is that the banking elites aren’t going to crush cryptocurrencies, instead, they will allow the new asset to orbit under their control.
