Mike Novogratz Sees DeFi More Transparent Than Banks
Main page News, US Market, Banking, Michael Novogratz, Crypto Market, Regulations, DeFi
Hot topic
July 28, 2021

Projects from the decentralized finance (DeFi) market are more transparent and better than banks as they do not charge a fortune in fees, the well-known bitcoin (EXANTE: Bitcoin) bull Mike Novogratz wrote in a series of tweets. According to the bitcoin bull, the world would not have had the mortgage crisis if financial institutions had the transparency of DeFi protocols.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

Novogratz also criticized Sen. Elizabeth Warren's pressure on the market as she recently called on Treasury Secretary, Janet Yellen, and regulators to address "growing threats" coming from the cryptocurrency market

"You really do not seem so progressive to me," said Novogratz, commenting on Warren's call for regulatory framework against cryptocurrencies.

Novogratz's Galaxy Digital Becomes Bitcoin Liquidity Provider for Goldman

Earlier, Elizabeth Warren urged Yellen to identify risks posed by cryptocurrencies. She also called for the creation of a "comprehensive and coordinated" framework to regulate cryptocurrencies.

As iHodl reported, Federal Reserve Chair, Jerome Powell, also called for a regulatory framework for stablecoins as this type of assets might be a "significant part" of the payments universe. Speaking at the House Financial Services Committee, Powell warned stablecoins are similar to bank deposits, however, they have no regulation.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.

Read also:
Please describe the error