“Crypto is the future of our financial system, and our citizens deserve authorities who do their research to comprehend this new technology,” he stated on Tuesday in a tweet. “Most of our leaders have yet to do it.”
Novogratz’s tweet came in response to Senator Elizabeth Warren’s speech, in which the Senator from Massachusetts voiced anti-crypto sentiments once again, dubbing cryptocurrencies “the wild west” of the US financial system. Novogratz labelled cryptocurrency as the “future of our financial systems” in a tweet on Tuesday, adding that politicians and regulators should do their study before enacting legislation to control the industry.
Senator Warren has been a vocal supporter of stricter crypto regulatory measures, even challenging officials such as Gary Gensler, Chairman of the Securities and Exchange Commission, and Treasury Secretary Janet Yellen to develop stricter standards for digital currencies.
Most US politicians haven’t done their study on cryptocurrencies, and the financial system requires people who understand the underlying technology, according to billionaire investor Mike Novogratz, responding to criticism of the crypto industry.
Novogratz, one of the most outspoken proponents of digital currency, was responding to Senator Elizabeth Warren’s tweet, in which she referred to cryptocurrencies as the “wild west of our financial system.”
Novogratz’s comments on some lawmakers’ lack of grasp of crypto rules appear to have become a point of focus in the ongoing discussions surrounding the planned $1trillion infrastructure.
The addition of an extended crypto taxing scheme to the plan, which could bring in an additional $28 billion for the infrastructure deal, has sparked considerable discussion among senators in Washington. Because of the broad language used in the bill’s phrasing, miners and software developers may face onerous taxation.