Regulatory uncertainty kept coming up at London’s Token2049 conference on Thursday.
Speaking via Zoom, Galaxy Digital CEO Mike Novogratz said U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler was smart and committed but questioned the scope of the regulator’s purview where crypto is concerned.
“Gensler wants to be the sheriff of crypto, but he doesn’t have full authority because of the newness of our industry,” Novogratz told the crowd in London.
Ascertaining whether crypto becomes a security when it’s lent to someone is a nuanced question, the Galaxy chief said, lamenting a period of continued regulatory uncertainty. However, the crypto industry has brought some of this on itself by a lack of education, according to Novogratz.
“The crypto community at large, myself included, didn’t do a good enough job lobbying domestic politicians, educating them, so they really understand what they’re talking about,” he said.
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