Mike Novogradts supported the investigation of the US Department of Justice in respect of cryptology

Cryptoinvestor billionaire Michael Novogratz said that the investigation of manipulation on the crypto-currency market, implemented by the US Department of Justice, is a "welcome initiative" for the crypto industry.

The US Department of Justice opened a criminal investigation into the possible market manipulation of prices for crypto-currencies, including bitcoyne, carried out by traders. Some market experts, including Mike Novograts, Cameron Winklewoss and Thomas Lee, consider this move a favorable undertaking.

During an interview with Bloomberg, Mike Novogratz, founder of the Galaxy Digital crypto bank, explained his position:

"Getting rid of unreliable market players is a good business, useful for the health of the industry. Many exchanges inflate data on volumes in order to create an agiotage around the koins "
Over the past year, prices for some virtual currencies have undergone manipulation at various times. Hundreds of groups engaged in "pamp and dump" distort natural market trends. The US Commission on commodity trading and futures trading (CFTC) has already offered a reward in the amount of 10 to 30% of the fines imposed on fraudsters and, in particular, the Commission is very interested in the scheme "pampas and dump".

Since the crypto-currency market is not regulated yet, such manipulations may appear in the future on various exchanges if no regulatory measures are taken.

Cameron Winklewoss, co-founder of Gemini's crypto-exchange, also stated that such regulatory actions would have a positive impact on the market and rid it of unreliable players.

Similarly, Thomas Lee, co-founder Fundstrat Global Advisors, said the news of the investigation in a letter to Bloomberg publication: he explained that evaluates it positively, because it means that the "mature control comes into force or has entered."