- CEO of Galaxy Digital, Mike Novogratz, called Coinbase’s legal fight with the SEC “brave.”
- Novogratz believed the crypto community is tough, resilient, and has a “religious zeal for people.”
- The rules on crypto weren’t clear, according to Novogratz.
Mike Novogratz, CEO of the New York-based crypto investment firm Galaxy Digital, called Coinbase’s legal fight with the SEC “brave” in a recent Bloomberg interview. Novogratz was asked about his opinion on the SEC taking legal action against Coinbase, the American crypto exchange platform.
Coinbase’s CEO, Brian Armstrong, took to Twitter multiple times and shared updates about the case. Novogratz believed that Armstrong’s strategy to fight this in public was “interesting.”
Novogratz of Galaxy Digital added that Armstrong thought that the case “was unfair” and the “rules weren’t clear.” Furthermore, he mentioned that the SEC’s approach to regulation by enforcement is much like that of Senator Elizabeth Warren, who’s a longtime crypto critic. He added Sherrod Brown, who urged financial regulators to help write legislation for crypto, and Lael Brainard, who believed that crypto finance needs strong regulatory guardrails.
Galaxy Digital’s Head of Trading, Jason Urban, stated that Bitcoin is strong and will continue to be positive. He said, “Bitcoin is here to stay.” Novogratz shared the same opinion and said the crypto community is tough and resilient, and these communities don’t go away. He added, “There is a religious zeal among people in the Bitcoin community.”
On August 4, Paul Grewal, Chief legal officer at Coinbase, shared that they filed a brief asking the court to dismiss the SEC’s case against them. He accused the SEC of violating due process, abusing its discretion, and abandoning its own earlier interpretations of the securities laws.
The SEC’s chairperson, Gary Gensler, has filed many cases against well-known crypto companies. Gensler shared, “All of these companies should come into compliance with the law, and until they do, we will continue to pursue them as the cop on the beat and investigate and follow the facts and law.”
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