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Crypto Tycoon Mike Novogratz Reacts to Call for Strict Oversight of Digital Assets

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Wed, 22/03/2023 - 15:41
Crypto Tycoon Mike Novogratz Reacts to Call for Strict Oversight of Digital Assets
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In a recent tweet, billionaire investor and Galaxy Digital founder Mike Novogratz commented on the U.S. government's call for strict oversight of digital assets.

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Novogratz suggested that the government should start by looking at their banks and the treasuries they own, implying that the focus on cryptocurrencies might be a diversionary tactic.

It should be noted that the tweet Novogratz quoted is from a dubious account, known for posting questionable news.

Novogratz's tweet comes at a time when central banks on both sides of the Atlantic face tough decisions on interest rates amid concerns over the worst banking crisis since 2008.

Since the failure of Silicon Valley Bank and the Swiss government-brokered rescue of Credit Suisse, financial markets are now expecting central banks to adopt less hawkish policies. In fact, Nomura has predicted that the Fed might go as far as announcing a rate cut later today.

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Notably, in 2021, Novogratz called for more regulation in the cryptocurrency space, stating that institutional investors need it to become more comfortable with digital assets.

The crypto tycoon emphasized the necessity of clarity and the development of a "regulatory sandbox" for start-ups.

As reported by U.Today, Anthony Scaramucci, founder of SkyBridge Capital, recently offered his vision for cryptocurrency regulation in a CNBC op-ed. Scaramucci called for clamping down on bad actors within the nascent industry without hindering progress in the crypto space. He suggested a more holistic approach at the federal level.

As central banks grapple with the current financial turmoil and governments explore increased oversight of digital assets, calls for clear and balanced cryptocurrency regulation from industry leaders like Novogratz and Scaramucci continue to persist.

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