Billionaire Mike Novogratz says most US leaders haven’t done the homework they need to understand cryptocurrencies

  • Most US leaders don’t understand cryptocurrencies, billionaire Mike Novogratz said on Tuesday.
  • “Our citizens deserve officials that do their homework to understand this new technology,” he said.
  • He was responding to an anti-crypto tweet from Sen. Elizabeth Warren, who again called for tougher regulation.
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Most US leaders haven’t done their homework on cryptocurrencies, and the financial system deserves officials who can grasp the underlying technology, billionaire investor Mike Novogratz said, hitting back at criticism of the crypto world.

“Crypto is the future of our financial system and our citizens deserve officials that do their homework to understand this new technology,” he said in a tweet on Tuesday. “Most of our leaders haven’t done that yet.”

Regulators and politicians must understand that new ideas need room to grow, the Galaxy Digital CEO added.

Novogratz, one of the most vocal supporters of digital currency, was commenting on a tweet from Senator Elizabeth Warren, in which she described cryptocurrency as the “wild west of our financial system.”

The US senator echoed comments by Gary Gensler, chairman of the Securities and Exchange Commission, urging Congress to bring in more regulatory oversight of the $1.6 trillion cryptocurrency market. She reiterated her own call for tougher rules to protect investors and the economy.

“I’m glad SEC Chair @GaryGensler agrees, and I’m going to keep pushing our regulators to act,” Warren tweeted.

A number of industry experts have predicted that the remainder of 2021 could usher in regulatory changes, and that many governments are trying to oversee a sector they don’t fully understand.

Late last month, Warren wrote to Treasury Secretary Janet Yellen about the need for a cohesive regulatory strategy to temper the growing risks that cryptocurrencies pose to the financial system. She said she’s concerned about the environment faced by investors in the absence of adequate oversight in the US.

Novogratz blasted the lawmaker’s comments then, too, saying that cryptocurrencies are repeatedly attacked even though their transfer fees are lower relative to traditional banks. “You really don’t seem so progressive to me,” he said in a tweet to Warren at the time.

Read More: Ethereum faces a potentially market-moving event Thursday amid the hotly anticipated London upgrade. 7 crypto experts told us why the second-largest cryptocurrency could get a price lift – and broke down how traders can take advantage of possible volatility.

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