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Billionaire Mike Novogratz says, regulators are going after fraud and market manipulation

Ketaki Dixit

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Billionaire Mike Novogratz says that regulators are going after fraud and market manupulation
Source: Pixabay

In an interview with Bloomberg on June 5th, Mike Novogratz, a billionaire, and former hedge fund investor shared his views on the future of cryptocurrencies.

CEO and Founder of Galaxy Digital Capital Management, Novogratz, also spoke about the need for regulation in the cryptocurrency world.

When asked about why an institution would want to come before the SEC or the DOJ, he said:

“Regulators don’t come from retails, their job is to protect the retail. Regulators come from institutions… they missed this completely as there is no one pointing on it.”

However, towards the end of 2017, the cryptocurrencies ‘went from a small market cap to almost a trillion dollars worth of market cap’. Regulators got worried when people around the world started talking about cryptocurrencies and popular people started pitching the coins.

He furthers confirms that regulators are slowly getting involved. They are going after fraud and market manipulation. This is ‘healthy’ according to him as it will remove all the unnecessary things from the system.

On the other hand, he feels that there are bigger decisions to make. The regulators have said that Bitcoin is not a security but they have not ruled on Ethereum yet. He said:



“They[regulators] will say that Ethereum was probably a security and they are stuck because they weren’t ahead, there was a group of token that were issued probably 2500 in total but in reality 200 that matter that are in a regulatory no man’s land. They have to figure out how to deal with that and they are working on that right now.”

He feels that the regulators may take out law firms, tokens, or promoters of cryptocurrencies to make it clear to the people that they must ‘play by the rules’.

On the contrary, in terms of the future, he says that the regulators are very constructive about wanting to see this new innovative way of financing companies, bringing liquidity, and giving people access to markets.





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Ketaki Dixit is a Journalism major from Jain University. She has about 1-year experience in the field and is passionate about blockchain technology and the cryptocurrency world.

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Coinbase is a huge net positive for not just cryptocurrencies, but for the world, says Bitcoin Cash proponent Roger Ver

Priya

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'Coinbase is a huge net positive for not just cryptocurrencies, but for the world', says Bitcoin Cash proponent Roger Ver
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Roger Ver, a well-known Bitcoin Cash influencer and CEO of Bitcoin.com, spoke about the controversy surrounding #DeleteCoinbase campaign, where he stood by the exchange. He also explained the reason behind why he does not consider BTC to be Bitcoin, in an interview with BreakerMag.

Coinbase, a leading cryptocurrency exchange platform, recently made an uproar in the cryptocurrency market over acquiring Neutrino, a blockchain analytics firm. This acquisition resulted in the majority of the cryptocurrency space joining the #DeleteCoinbase movement as the Neutrino team was previously associated with Hacking Team. More so, it was further revealed that the acquisition took place because Coinbase’s providers were selling its data to outside sources.

However, while the majority of the space was chanting #DeleteCoinbase, Roger Ver, on the contrary, spoke in favor of the exchange. On his official social media handle, Ver had stated that the exchange has made a lot of contribution towards driving the adoption of the cryptocurrency space and that space should “be grateful despite a few poor decisions along the way”, adding “Don’t #DeleteCoinbase”.

In the interview, Ver was asked whether Neutrino’s association with Hacking Team did not bother him, and the reason behing why he chose to stay beside the exchange. To this, Ver stated that he was “incredibly troubled” with the association, adding that this was a “really stupid mistake”. He went on to state,



“But people make mistakes sometimes, and I don’t think that it was an intentionally bad mistake on Coinbase’s part. Once they saw the error of their ways, they fixed that. And Coinbase has onboarded millions and millions of people to cryptocurrency. I think Coinbase is a huge net positive for not just cryptocurrencies, but for the world.”

This was followed by Ver speaking about the reason behind his belief that BTC is not Bitcoin. Ver has been previously criticized because of the same topic, so much so that there were people who were considering taking legal action against him. This was because of propagation that Bitcoin Cash [BCH] was the real Bitcoin.

On this, Ver stated there were several people who have called him a “scammer” because of this, adding that there were barely any who was up for an argument, instead of name-calling. He also stated that there was a possibility of him believing that BTC was indeed the real Bitcoin, but stated that there weren’t “any arguments that are compelling at this point”. He said,

“I came to those conclusions based on the logic and reason and evidence and arguments that favored those positions. And if someone wants to try and convince me that BTC is bitcoin, even though it’s not a peer-to-peer electronic cash system, I will listen to those arguments and evaluate them based on their merits.”





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