America backing down on cryptocurrency regulation?
Galaxy Digital CEO and former hedge fund manager Mike Novogratz said the United States Securities and Exchange Commission (SEC) was “backing down” on cryptocurrency regulation. We may soon encounter a Bitcoin ETF approval, according to Novogratz.
Speaking in an interview, Novogratz asked the SEC to reconsider its priorities for cryptocurrency assets and approve a Bitcoin exchange-traded fund (ETF). Novogratz argued that the SEC exists to protect investors and that a Bitcoin ETF would provide a better way than the high fees and premiums charged by hedge funds.
The Galaxy Digital CEO predicted that a Bitcoin ETF will be approved within twelve months. If such a thing happens, we may experience one of the most critical turning points for the cryptocurrency community, following the high interest of institutional investors and successive investments.
Novogratz, a former Goldman Sachs executive, praised President Biden’s new candidate for SEC chairmanship and said it is more adapted to the needs of the cryptocurrency market.