The post BitGo CEO Calls For Regulation Amid Galaxy Digital’s Settlement appeared on BitcoinEthereumNews.com.

Mike Belshe, the CEO of BitGo, has commented on the recent settlement between Mike Novogratz’s Galaxy Digital and the New York Attorney General (NYAG). Known as one of the top advocates of deregulation, Belshe, per his latest updates on X, appears to favor regulatory intervention to prevent some fraudulent practices in the industry.  BitGo CEO Comments on Galaxy Digital Settlement Responding directly to a post from Anthony Scaramucci, Belshe said it is hard to deny that NYAG laid a compelling case against Galaxy Digital. He highlighted the firm’s pump-and-dump actions. The BitGo CEO noted that selling tokens as soon as they are vested and shilling to HODL when one is actually selling is wrong. Notably, he reiterated his respect for Novogratz and his contributions to the industry. However, considering the NYAG’s position, Mike Belshe said Galaxy Digital’s actions are unethical.  ‘So, legal overreach or not, it’s not ethical, and this type of behavior makes our entire industry look bad. Unchecked, this is what leads to “over-regulation,”’ he said, advocating for users to read the controls put onto Galaxy as part of this settlement! The Advocacy for Crypto Regulation As reported by CoinGape, Galaxy Digital settled with NYAG with $200 million over the controversial Terra (LUNA) sales. The BitGo CEO said if the right regulations are not in place and top leaders are this manipulative, the industry may not be taken seriously. In his calls for oversight, Mike Belshe defined this as ‘Principles-based regulation.’ He further explained what he meant, noting that no one should lie to promote assets they hold. He also advocated that influential leaders should not tell others to buy while hiding the fact that they are selling. Over the past few years, industry leaders have often denounced the regulation through key regulators’ enforcement tactics. Things have changed…

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Filed under: News - @ March 29, 2025 9:04 pm