The recent Galaxy Digital settlement highlights the urgent need for ethical standards in cryptocurrency, prompting industry leaders to re-evaluate their operational strategies. Mike Belshe, CEO of BitGo, emphasizes that such practices undermine trust and necessitate stronger regulatory frameworks grounded in ethical principles. His stance underscores a need for transparency and honesty within the crypto space. 200 million dollar settlement involving Galaxy Digital over controversial Terra (LUNA) sales has pushed industry stakeholders to reassess their approaches. Belshe advocates for regulatory initiatives that prioritize ethical considerations, such as promoting transparency and preventing conflicts of interest. He believes this will enhance market expectations. New regulatory strategies, including the U.S. SEC’s move and initiatives from entities like FDIC and Fidelity Investments on stablecoins, are seen as positive indicators of progress. Belshe’s call for principle-based regulations could foster greater market clarity and help avoid future conflict. These measures will be crucial in building a more credible cryptocurrency sector and paving the way for stronger collaboration with regulatory bodies.