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According to CNBC’s ‘Squawk Box’, Galaxy Digital CEO Michael Novogratz spoke about the company’ – its massive capacity expansion in Texas, regulatory processes in Washington and the banking sector’.
It has approved expansion of its Helios data center in Texas to more than 1 capacity, with approval from crypto financial services and investment management giant Galaxy Digital. Approximately 6 gigawatts of are used. CEO Michael Novogratz, founder and CEO of the company, explained what this development means for both Galaxy and its artificial intelligence (AI) infrastructure.
In a statement Novogratz claimed that Helios, which they acquired in 2022 as ‘the Bitcoin mining facility’ has become “an energy hub” driven by the need for artificial intelligence computing power.
In Washington, the prominent CEO remarked that “the bill to regulate the cryptocurrency market could be law within weeks of next week,” adding ‘I’m looking forward to seeing his meetings in Washington. claiming that both Democrats and Republicans have been serious committed to this, Novogratz said perfection shouldn’t be sought in the law, but as soon as it can be passed ‘to prepare for the sector’s growth.
The lobbying of banks is one of the biggest challenges to regulation, Novogratz said, highlighting particular debates about “stablecoin” regulations. But the CEO made a striking note, saying that banks fear deposits moving to the crypto system ‘It is an important thing for me to know whether they are going on depositing money.
Banks are making big profits at the moment, claiming 3-4-5% interest from the FED on our savings and giving consumers very low interest rates. But this is the monopoly of banks where stablecoins can offer interest-bearing returns. We have to pass this law, but we need it; even if that’s not perfect, it’ll be essential for the sector. ” , ‘I’m sure it is worth reading.
*This is not investment advice.
Thanks for reading Billionaire CEO Michael Novogratz Makes Statement on Cryptocurrency Market Bill
