Mike Belshe, CEO of BitGo, has commented on the recent $200 million settlement between Galaxy Digital and the New York Attorney General, criticizing token-selling practices.
Ethics Over Legal Debate
Mike Belshe emphasized that regardless of whether the NYAG's approach was excessive, Galaxy Digital's actions remain questionable. He urged the public to review the compliance measures Galaxy must now follow under the settlement terms. Belshe noted that failures in self-regulation ultimately invite more strict oversight.
Industry Context and Regulatory Momentum
This commentary arrives as U.S. regulatory authorities increase scrutiny of the crypto market. Under the current administration, agencies are aligning with clearer oversight. The FDIC recently stated that federal banks no longer require special approval to gain exposure to cryptocurrencies.
Conclusion
Mike Belshe reiterated the importance of ethical principles, saying that deceptive practices affect industry credibility and invite stricter oversight.
Mike Belshe stressed that ethical standards should prevail in the crypto industry to maintain trust and avoid tighter regulation.
