{"id":50040,"date":"2021-09-23T16:42:01","date_gmt":"2021-09-23T13:42:01","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=50040"},"modified":"2025-09-02T15:49:42","modified_gmt":"2025-09-02T12:49:42","slug":"mike-novogratz-flags-gary-genslers-bid-to-be-the-industrys-sheriff","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/mike-novogratz-flags-gary-genslers-bid-to-be-the-industrys-sheriff\/","title":{"rendered":"Mike Novogratz flags Gary Gensler\u2019s bid to be the industry\u2019s sheriff"},"content":{"rendered":"<p>The head of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, is \u201ctaking aim at\u201d the industry, but that does not necessarily mean its demise. This was the view of Galaxy Digital founder Mike Novogratz at a Messari conference.<\/p>\n<p>The executive weighed in on Gensler\u2019s latest remarks to the Washington Post. In the interview he <a href=\"https:\/\/u1f987.com\/en\/news\/gensler-calls-stablecoins-poker-chips-in-a-wild-west-crypto-casino\">threatened<\/a> to create problems for lending and trading platforms over alleged violations of the Securities Act.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cUndoubtedly, Gary wants to regulate. He wants to be the sheriff of \u201cCryptoVille.\u201d The next 6\u201312 months will be tough for industry players. We botched educating people in Washington \u2014 what digital assets are and what matters for the industry,\u201d<\/em> said the CEO of Galaxy Digital.<\/p>\n<\/blockquote>\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\">\n<div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Mainnet 2021: The Herd has Arrived, Now What?\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/gBUd_piFh9s?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div>\n<\/figure>\n<p>During his remarks, Novogratz said he planned to fund the work of lobbyists to help U.S. authorities understand digital assets.<\/p>\n<p>Over the past months <a href=\"https:\/\/u1f987.com\/en\/news\/blockfi-chief-says-crypto-lending-will-survive-regulatory-pressure\">BlockFi<\/a> and <a href=\"https:\/\/u1f987.com\/en\/news\/alabama-regulator-joins-accusations-against-celsius-network\">Celsius<\/a> faced allegations from state regulators of selling unregistered securities.<\/p>\n<p>Coinbase<a href=\"https:\/\/u1f987.com\/en\/news\/coinbase-abandons-crypto-savings-accounts-plan-after-sec-threat\"> declined<\/a> to launch USD Coin (USDC)-backed crypto-savings accounts due to the threat of <a href=\"https:\/\/u1f987.com\/en\/news\/sec-threatens-coinbase-with-lawsuit-over-planned-crypto-savings-accounts\">litigation by the SEC<\/a>.<\/p>\n<p>The Commission was also reported to be studying Uniswap\u2019s activity and, according to the media, a number of other DeFi projects<\/a> in the sector.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cI suspect the SEC\u2019s goal isn\u2019t to \u201cbring DeFi within regulatory frameworks,\u201d since it hasn\u2019t undertaken any effort in that direction at all. Just words and enforcement activity. It seems the true aim is to crush the market, as the SEC was credited with doing in 2018,\u201d<\/em> said lawyer Jack Chervinsky.<\/p>\n<\/blockquote>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">I suspect the SEC\u2019s goal isn\u2019t to \u00abbring DeFi within a public policy framework\u00bb since it hasn\u2019t made any effort to develop such a framework at all. Just words &#038; enforcement activity.<\/p>\n<p>Rather, the true goal seems to be crushing the market, as the SEC is credited for doing in 2018.<\/p>\n<p>\u2014 Jake Chervinsky (@jchervinsky) <a href=\"https:\/\/twitter.com\/jchervinsky\/status\/1440679567891435527?ref_src=twsrc%5Etfw\">September 22, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Recently, a coalition of public-interest groups urged the SEC to intensify its fight against cryptocurrencies, including through regulating stablecoins, lending platforms, and bitcoin exchanges.<\/p>\n<p>Earlier, Gensler said that regulation is necessary for the survival of cryptocurrencies.<\/p>\n<p>In September, it emerged that Coinbase is preparing a draft federal regulatory framework for consideration by U.S. lawmakers.<\/p>\n<p> Subscribe to the ForkLog channel on <a href=\"https:\/\/www.youtube.com\/channel\/UCC9FnXTC8_ENzaNSO5cHQ6g\" target=\"_blank\" rel=\"nofollow noopener\"> YouTube<\/a>! <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The head of the U.S. Securities and Exchange Commission Gary Gensler is \u201ctaking aim at\u201d the industry, but that does not necessarily spell its demise. Galaxy Digital founder Mike Novogratz expressed this view at a Messari conference.<\/p>\n","protected":false},"author":1,"featured_media":50041,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1181,1303,36,128,26],"class_list":["post-50040","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-gary-gensler","tag-mike-novogratz","tag-regulation","tag-sec","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/50040","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=50040"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/50040\/revisions"}],"predecessor-version":[{"id":50042,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/50040\/revisions\/50042"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/50041"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=50040"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=50040"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=50040"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}