Connect with us

Regulation

U.S. Election Won’t Alter Positive Crypto Regulations, Says Mike Novogratz

Published

on


Galaxy Digital founder and CEO Mike Novogratz believes the U.S. crypto sector is poised for positive regulatory developments regardless of the outcome of the upcoming presidential election. Speaking on CNBC’s ‘Squawk Box,’ Novogratz expressed confidence in the future of crypto regulation, citing a bipartisan approach as a key factor.

Mike Novogratz Predicts Bipartisan Crypto Support in US

Mike Novogratz emphasized that the crypto industry enjoys support from both major political parties in the U.S. He acknowledged that while some Democrats, notably Senator Elizabeth Warren and a small group of others, have been critical of the industry, the majority are pro-innovation and pro-crypto. This broad support suggests favorable regulatory changes are imminent, regardless of who wins the next election.

 

The billionaire CEO underscored the importance of a bipartisan stance on crypto, arguing that partisan disagreements should not hinder the industry’s growth. He stated that crypto needs to be a bipartisan issue to avoid regulatory instability, which can deter innovation and investment. Mike Novogratz’s remarks highlight the growing recognition of the potential benefits of crypto technology across the political spectrum.

 

Despite the current regulatory uncertainties and occasional government crackdowns, Mike Novogratz is optimistic about the future. He believes the situation is shifting towards more clarity and support for the crypto sector. This optimism is driven by the increasing number of lawmakers who recognize the importance of fostering innovation and the potential economic benefits of the burgeoning industry.

 

Novogratz pointed out that the frustrations stemming from regulatory ambiguity are being addressed as more politicians understand the significance of crypto. He predicts the next administration will enact favorable crypto legislation regardless of political affiliation. This legislative support is expected to provide the industry the stability needed to thrive and innovate.

 

Also Read: Binance Unveils Changes In Turkey In Compliance With Regulation

Novogratz: Bitcoin Essential Amid Economic Concerns

Commenting on Bitcoin’s recent performance, Mike Novogratz referred to the price surge following the approval of a Bitcoin ETF, which pushed the cryptocurrency’s value above $73,000 in March. Bitcoin (BTC) will likely trade within the $55,000 to $73,000 range until new market-moving news emerges. This range reflects a period of consolidation after a significant upward move.

 

Mike Novogratz reiterated his belief that Bitcoin remains a crucial asset for any investment portfolio, especially given the current economic conditions. He highlighted concerns about the growing U.S. debt and government spending, which he described as akin to “spending like drunken sailors.” In such a financial environment, Novogratz argues that Bitcoin offers a hedge against fiscal irresponsibility and inflation.

Also Read: Circle Rolls Out New Ad Calling on Common Sense US Stablecoin Regulation

✓ Share:

Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Regulation

US SEC Acknowledges Fidelity’s Filing for Solana ETF

Published

on


The U.S. Securities and Exchange Commission (SEC) has formally acknowledged the filing for Fidelity’s spot Solana (SOL) Exchange-Traded Fund (ETF).

This marks a key development in the financial industry, as Fidelity seeks to list its Solana ETF on the Cboe BZX Exchange. The acknowledgment comes after Fidelity submitted a proposed rule change, paving the way for the potential approval of the product.

Fidelity’s Spot Solana ETF Proposal

The SEC’s acknowledgment follows Fidelity’s filing to list and trade shares of the Fidelity Solana Fund under the Cboe BZX Exchange. The proposed rule change, initially submitted on March 25, was later amended on April 1, 2025, to clarify certain points and add additional details.

The amended proposal aims to list the Solana ETF under BZX Rule, which pertains to commodity-based trust shares. According to the Cboe BZX Exchange, Fidelity plans to register the shares with the SEC through a registration statement on Form S-1.

Fidelity’s experience with crypto ETFs, having launched the Fidelity Wise Origin Bitcoin Fund (FBTC) and the Fidelity Ethereum Fund (FETH), has prepared it for this new initiative. FBTC has drawn substantial interest, accumulating nearly $17 billion in assets, while FETH currently manages around $975 million.

This Is A Developing News, Please Check Back For More

✓ Share:

Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Continue Reading

Regulation

US Senate Banking Committee Approves Paul Atkins Nomination For SEC Chair Role

Published

on


The U.S. Senate Banking Committee has voted to approve Paul Atkins’ nomination for the role of Chair of the Securities and Exchange Commission (SEC). The vote, which took place on Thursday, passed with a narrow margin of 13-11, along party lines.

Paul Atkins, nominated by President Donald Trump, now moves one step closer to taking over the top regulatory position at the US SEC.

Senate Banking Committee Approves Paul Atkins Nomination

Paul Atkins’ nomination for SEC Chair has received approval despite sharp opposition from Democratic members of the Senate Banking Committee. The vote was entirely split, with Republicans supporting Atkins and all Democrats opposing the decision.

This partisan divide highlights the contentious nature of Atkins’ confirmation, which had been under scrutiny for several reasons.

The committee’s approval now clears the path for Atkins to proceed to the full Senate for a final confirmation vote. Given the Republican-controlled Senate, it is widely expected that Atkins will secure the necessary votes to take over the SEC leadership. With Republicans holding a 53-47 majority in the Senate, the confirmation process is anticipated to move forward swiftly.

This Is A Developing News, Please Check Back For More

✓ Share:

Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Continue Reading

Regulation

Kraken Obtains Restricted Dealer Registration in Canada

Published

on


Cryptocurrency exchange Kraken has obtained a Restricted Dealer registration in Canada. The registration comes after completing a pre-registration undertaking (PRU) process with Canadian authorities.

The exchange has also announced the appointment of Cynthia Del Pozo as its new General Manager for North America. Del Pozo will oversee Kraken’s growth initiatives in Canada.

Kraken Completes PRU Process In Canada

Kraken’s Restricted Dealer registration marks the completion of a thorough pre-registration undertaking (PRU) process with Canadian regulators. The registration places Kraken under the supervision of the Ontario Securities Commission (OSC). This oversight ensures users have access to secure crypto products within a properly regulated local ecosystem.

According to the Canadian Securities Administrators (CSA), the Restricted Dealer registration is one of eight firm registration types in Canada. This particular classification is used for firms that “do not quite fit under any other category.” It also comes with specific requirements and conditions set by securities regulators.

Kraken’s regulatory achievement comes during a period of change in the Canadian crypto sector. Just months earlier, competitor Gemini exchange announced its departure from the Canadian exchange market by the end of 2024. This was a move that surprised many and raised questions about cryptocurrency regulation clarity in the country.

Kraken Introduces New Canadian GM

Del Pozo has joined Kraken to lead its Canadian operations as the new General Manager for North America. She has nearly 15 years of experience in corporate development, operations, and fintech consulting. Del Pozo will help to guide Kraken’s expansion across Canada during this important phase of crypto’s development in the region.

“Canada is at a turning point for crypto adoption, with a growing number of investors and institutions recognizing digital assets as a vital part of the financial future. I’m thrilled to join Kraken’s mission at this critical moment, and to lead our expansion efforts, ensuring we continue to serve our clients long-term with innovative and compliant products,” said Del Pozo.

In her role, Del Pozo will focus on strengthening Kraken’s regulatory relationships and also scaling the company’s presence throughout North America.

Del Pozo also commented on the registration achievement: “This Restricted Dealer registration is testament to the high bar Kraken has always set for consumer protection, client service, and robust security. We’re excited to continue expanding our world-class investment platform and to deliver innovative products that provide real-world utility to Canadians.”

The Exchange’s Continued Growth In Canada

Over the past two years, the cryptocurrency exchange has shown steady expansion in Canada while working through the PRU process with regulators. During this period, the exchange has doubled its team size and monthly active users.

According to the official blog post figures, the firm now has more than $2 billion CAD in total client assets under custody. Kraken has also increased support for some of the most popular cryptocurrencies. It provides several CAD spot trading pairs that enable Canadians to trade crypto without paying expensive foreign exchange fees.

According to Innovative Research Group’s 2024 Investor Survey, 30% of Canadian investors currently own or have owned cryptocurrencies. Likewise, a KPMG Canada survey discovered that 30% of Canadian institutional investors now have exposure to cryptocurrencies, which means widespread adoption across investor types.

✓ Share:

Vignesh

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Continue Reading

Trending

Copyright © 2024 coin2049.io