Novogratz Hopes That Biden Will Reverse Trump’s Anti-Crypto Perspective

Novogratz hopes that the new Biden administration will reverse the negative stance on crypto that Trump had as he thinks that the United States is in need of open-minded crypto regulation, as we can read more in the latest crypto news.

Appearing in a CNBC Sqwuak Box, Novogratz said that the BTC bull market proves quite resilient to the recent wave of anti-crypto rhetoric that came from Capitol Hill:

 “It tells you about how powerful this bull market is […] They are throwing lots at the system, and it’s not actually impacting it.”

In order for the crypto industry to be successful in the long-run, more regulatory clarity is needed and that’s why Novogratz hopes that Biden’s team will change this:

 “I’m hoping, you know — we get a change of the guard in 20 days — I’m hoping we can get some more open-minded regulators.”

President Trump’s departure from the White House proved to be quite a rocky period for the entire crypto industry. The treasury financial Crimes Enforcement Network even proposed new disclosure rules for the self-hosted wallets which was a clear sign that the Treasury was trying to jam legislation by providing a 15-day comment period which was shorter than the typical 60 day one. In another blow to industry participants, the Securities and Exchange Commission sued Ripple for selling unregistered security in the form of XRP tokens as it made the case in a detailed 70-page takedown of Ripple that was released earlier this week.

The 70-page SEC complaint against #Ripple is a teardown of breathtaking detail and scope. It's not a petty or vindictive gesture: it's a well-researched and well-articulated document that alleges a scheme of epic proportions.

You should read it. https://t.co/CCoykYk317 pic.twitter.com/oArxi3y3bo

— Jon Rice (@JonRiceCrypto) December 22, 2020

Novogratz and others believe that the bad crypto laws hinder innovation and adoption in the country which paves the way for rivals like China to dominate the market. This is one of the arguments that is also being used by Ripple to counter the SEC lawsuit. In an interview with the CNBC, Novogratz said that the bad crypto laws usually bring unintended consequences and that these laws will push a lot of the cool stuff that’s happening in crypto, offshore.

The Galaxy Digital CEO previously noted that he lost all confidence for the asset’s performance in 2020 and said that Bitcoin will finish trading at $12,000.  While Novogratz is seemingly Bullish on Bitcoin’s price for the following year, it is also worth noting that he seems to have lost all of the confidence in the asset.