US politicians and officials are not doing enough to understand cryptocurrency technology and are hindering innovation in the financial sector. That's the view expressed by Galaxy Digital head Mike Novogratz.
Crypto is the future of our financial system and our citizens deserve officials that do their homework to understand this new technology. Most of our leaders haven’t done that yet. We also need regulators and politicians who understand that new ideas need room to grow.
His tweet was in response to a remark by Democratic US Senator Elizabeth Warren in which she called cryptocurrens the "Wild West" of the financial system.
The politician recalled her position on stricter regulation and noted that new SEC Chairman Gary Gensler agrees with the need for regulations to protect investors and the economy.
Speaking at the Aspen Security Forum 2021 event the day before, the SEC chief said that the agency was considering imposing a strict supervisory regime to protect cryptocurrency investors. Gensler described the situation there as a Wild West.
Recall that in May 2021, at a House Financial Services Committee meeting, Gensler urged lawmakers to develop clear rules for the cryptocurrency industry.
SEC Commissioner Hester Pearce, known as "CryptoMama", said Gensler's leadership could be a "very productive period" for the industry.