Oh, hello there! πββοΈ So, Mike Belshe, the big cheese at BitGo, had some thoughts about Galaxy Digital’s recent $200M settlement with the NYAG. π£οΈπ° He’s usually all about that deregulation life, but now he’s singing a different tune. πΆ
BitGo CEO Weighs In On Galaxy Digital’s Legal Troubles
Guess who Mike Belshe responded to? None other than Anthony Scaramucci! π€ He thinks the NYAG made a pretty solid case against Galaxy Digital. π He’s especially peeved about their pump-and-dump antics. Selling tokens right after they vest and telling everyone to HODL while you’re secretly selling? Not cool, man. π ββοΈ
Now, Mike still respects Mike Novogratz and all he’s done for the industry, but he can’t ignore the NYAG’s perspective. He thinks Galaxy Digital’s actions were straight-up unethical. π
Mike Belshe says, “Whether it’s legal overreach or not, it’s just plain wrong. This kind of behavior gives us all a bad name. If we don’t check ourselves, we’ll end up with ‘over-regulation.’ So, people, read the fine print of the settlement!” π
Crypto Regulation: A Necessity or a Nightmare?
Word on the street is that Galaxy Digital settled with the NYAG for $200M over the Terra (LUNA) controversy. Mike Belshe is worried that without proper regulations and responsible leaders, the industry will lose credibility. π
He’s advocating for something he calls ‘Principles-based regulation.’ No lying about your holdings, and no telling others to buy while you’re selling. π€«π°
Remember when industry leaders used to hate on regulators? Well, things have changed since Mark Uyeda took over as Acting Chair of the US SEC. The SEC even created a Crypto Task Force to help set some guidelines for the industry. π΅οΈββοΈ
President Trump’s Crypto Crusade
Mike Belshe’s push for crypto regulation might not be making headlines, but industry insiders like John Deaton are on board. π€ The US regulatory agencies are stepping up their game to fulfill President Donald Trump’s campaign promises. πΊπΈ
The FDIC recently gave Federal Banks the green light to dabble in crypto without needing prior approval. This positive shift has sparked a new wave of adoption in the digital currency world. π‘
And let’s not forget Fidelity Investments’ big move – launching a stablecoin on a public blockchain. π
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2025-03-30 00:12