Moving to the Biden government could be beneficial for the crypto industry.
The US crypto industry is hoping for significantly improved regulation of cryptocurrencies after the upcoming change of government.
At least that’s what Mike Novogratz , the CEO of Galaxy Digital, speaks out for
Novogratz had made the corresponding statements on Christmas Eve in the CNBC program Squawk Box, initially pointing out that Bitcoin ( BTC ) is still very resistant to the current criticism from Washington:
“That shows us how strong the current upward trend really is […]. You keep trying to put obstacles in the way, but Bitcoin just keeps marching. “
However, legal clarity is required for the crypto industry to be successful in the long term. With regard to the change of government from Trump to Biden, Novogratz says:
„I hope that in 20 days we will see a changing of the guard that will bring us open-minded regulators.“
Donald Trump’s departure from the White House became a challenge for the crypto industry in the last few meters. Last week, for example, the authority to combat financial crime (FinCEN), which is subordinate to the Ministry of Finance, presented a draft law that makes interaction with “self-administered” crypto wallets more difficult. While the draft isn’t quite as drastic as previously expected, it could have significant implications for some crypto companies.
The fact that the authorities want to push through the planned law as quickly as possible can be seen from the fact that they only allowed 15 days for feedback .
Usually 60 days are common
At the same time, the American Securities and Exchange Commission has landed a violent blow against the crypto industry by suing the crypto payment service provider Ripple . The company’s own cryptocurrency is supposed to constitute a security, which would turn its sale into an unauthorized sale of securities.
The charge against Ripple is not a snap shot, however, but is based on long-term investigations and well-thought-out arguments (see below). If the court follows the authorities‘ deliberations, the trade of XRP could be banned entirely.
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.