The crypto-space needs more regulation to grow, Novogratz says

SectorFinancial Markets
CountryMiddle east

NEW YORK – More regulation of the cryptocurrency space is needed to help institutional investors become more comfortable with digital assets and have the burgeoning asset class really take off, Mike Novogratz, founder of crypto investment firm Galaxy Digital said on Wednesday. “We need some regulation,” he said at a conference held by Piper Sandler. “That’s an unpopular opinion in crypto circles, but if you want to have institutions join the revolution, you need some regulation.” Bitcoin, the largest cryptocurrency, surged to almost $65,000 in April, but has since lost around half of its value.

U.S. Securities and Exchange Commission Chair Gary Gensler, who taught a course on blockchain – the technology underpinning bitcoin – at the Massachusetts Institute of Technology, has said he would like to see more regulation around cryptocurrency exchanges. The more clarity around cryptocurrencies, the better, said Novogratz, a former hedge fund manager at Fortress Investment Group and Goldman Sachs partner. “We have a lot more...