- Galaxy Digital settles with NYAG for $ 200 million over Terra Luna Misheter.
- Bitgo CEO urges ethical crypto methods and supports principle-based regulation.
Galaxy Digital has reached A settlement of $ 200 million with the New York -Riksdoken (Nyag) over its alleged misunderstanding of the collapsed Terra Luna Cryptocurrency.
Mike Belshe takes a Jab on Galaxy Digital
But the settlement has led to industry -wide discussions, with Bitgo CEO Mike Belshe weigh -in on the matter.
Despite his deregulation advocates, Belshe recognized the strength of Nyag’s case against Galaxy Digital, which signaled a change in the position against supervisory surveillance.
His comments, which responded to a post by Anthony Scaramucci on X, highlights growing concern about fraudulent practice in the crypto gym.
Source: Anthony Scaramucci/X.
Belshe criticized Galaxy Digital’s pump-and-dump tactics and pointed out the company’s practice to relieve tokens at earnings at the same time as Hodling at the same time.
He emphasized the ethical concerns about such acts but also acknowledged his respect for Novogratz and his contribution to the crypto industry.
Belshe said,
“I have always thought that Mike brought good maturity to crypto and respected him for it, but I was shocked to read the facts that Nyag describes. So, legal overreaction or not, it is not ethical, and this type of behavior makes the whole industry look bad.
Suggests a way out, he added,
“” Principles based regulation “can fit well here: Don’t lie to promote assets you have; don’t ask others to buy while hiding the fact that you are selling.”
Crypto Regulation in the Trump vs. Biden administration
As expected, Belshe’s emphasis on crypto regulation subtly reflects the strong contrast between Biden and the Trump administration’s approach to the industry.
Under Biden, large crypto companies such as Consensys, Ripple (xrp)Robinhood, Metamask, Coinbase and Kraken encountered relentless legal battles with Sec.
But with Trump’s return, many of these disputes have finally been resolved, which has signaled a shift in the legislation.
This change is further reinforced By Paul Atkins, Trump’s SEC chairman, who have recently promised to establish a more “rational” and “coherent” regulations for crypto, which potentially initiates a new era of industry-friendly politics.
In his statement During the US hearing of the Senate Bank Committee, he expressed it best when he said,
“A top priority of my presidency will be to work with my fellow commissioners and congress to provide a fixed legislation for digital assets through a rational, coherent and principle strategy.”
