Galaxy Digital has reached a $200 million settlement with the New York Attorney General over allegations related to the collapse of Terra LUNA. This agreement has sparked significant controversy among crypto industry leaders.
Criticism from Mike Belshe
BitGo CEO Mike Belshe expressed discontent in response to Galaxy Digital's practices, accusing the company of unethical behavior. He stressed that such actions could lead to overregulation of the industry.
Call for Ethical Standards in Crypto Regulation
Belshe suggested that cryptocurrency regulations should adhere to principles of ethics and transparency. He believes companies should be honest in promoting their assets and disclose when they sell assets they promote.
Regulatory Changes in the US Under Trump and Biden
Belshe also noted the changes in crypto regulation approaches in the US under different administrations. He suggests that the new approach could be more industry-friendly, reducing legal battles and fostering innovation.
The situation surrounding Galaxy Digital's settlement has highlighted the need for ethical standards in crypto regulation. The difference in approaches by the current and previous US administrations indicates potential changes in the future.
