BitGo CEO Calls for Stricter Crypto Oversight After Galaxy Digital Settlement
BitGo CEO Mike Belshe recently shared his thoughts on the settlement between Galaxy Digital and the New York Attorney General (NYAG), marking a notable departure from his usual support for minimal regulation.
In response to the case, Belshe pointed out the troubling nature of Galaxy Digital’s actions, specifically accusing the firm of misleading practices such as pumping and dumping tokens.
Despite acknowledging his respect for Mike Novogratz and his role in the crypto industry, Belshe emphasized that these unethical actions tarnish the reputation of the entire sector.
Belshe’s comments were a call for more regulatory oversight, specifically advocating for “principles-based regulation.” He stressed the importance of holding industry leaders accountable for their actions, particularly when they mislead investors by promoting assets they are secretly selling.
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The BitGo CEO’s push for regulation comes as the US crypto landscape shifts, with government agencies ramping up their efforts to address issues of fraud and manipulation within the market. Belshe argued that without proper controls, such behavior could lead to harsher regulations that could stifle innovation.
As the industry grows, many are calling for clearer frameworks, with the SEC taking a more active role in setting guidelines, while institutions like Fidelity are already moving forward with regulated offerings, signaling a shift toward greater acceptance of crypto within traditional financial systems.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
