Mike Novogratz criticizes U.S. officials for their lack of control over the crypto industry

As several U.S. leaders unanimously proposed strict cryptocurrency regulations, supporters such as Mike Novogratz, CEO of Galaxy Digital, wanted to counter the anti-cryptocurrency sentiment circulating in Washington.

Twitter On Tuesday, Novogratz described encryption as “the future of our financial system,” adding that politicians and regulators should do their homework before formulating policies to regulate the industry.

Novogratz’s tweet was in response to Senator Elizabeth Warren’s remarks. The Massachusetts senator once again supported anti-crypto sentiment, calling cryptocurrency the “Wild West” of the US financial system.

Senator Warren has always strongly supported stricter cryptocurrency regulatory policies, and even asked the US Securities and Exchange Commission Chairman Gary Gensler and Treasury Secretary Janet Yellen to set stricter rules for digital currencies.

In a speech at the Aspen Security Forum on Tuesday, Gensler acknowledged the value proposition of Bitcoin (Bitcoin) And crypto assets, although pointed out Cryptocurrency is a “highly speculative store of value”.

As Cointelegraph previously reported, Gensler expressed the need to develop stronger encryption regulations in the United States. According to the chairman of the US Securities and Exchange Commission, such policies should cover token sales and cryptocurrency transactions as cryptocurrency lenders, as well as decentralized finance.

related: Senator Wallon London urges Treasury Secretary Yellen to respond to rising crypto threats

Novogratz’s comments on some politicians’ lack of understanding of the subject of encryption regulations seem to have become the focus of ongoing discussions around the planned $1 trillion infrastructure.

Supplement the bill in the following form Expanded crypto taxation system This may bring about $28 billion in additional funding for infrastructure transactions, which has caused some controversy among Washington’s senators. Given that the bill’s wording uses a wide range of wording, miners and software developers may bear heavy taxes.

Senator Patrick Toomey and other senators called for Explicit exemption for non-crypto trading entities Just like miners and software developers in the proposed expanded crypto taxation rules.