The report, based on a survey of 3,000 businesses across 10 countries, mostly online marketplaces, financial technology and e-commerce, said that regulatory uncertainty would endure, as the creation of national legal frameworks for regulating crypto has been relatively slow and uneven.
President Biden last month signed an executive order that directed federal agencies to report on digital currencies and consider new regulations.
Mr. Novogratz, a former Fortress Investment Group fund manager and an early investor in bitcoin, said he doesn’t see new crypto legislation coming out this year.
He said the change in tone in Washington came after the crypto community mobilized over the infrastructure bill last year, which aimed to boost tax enforcement on crypto transactions.
“That was the wake-up call,” he said, referring to the large number of phone calls against the provision made by cryptocurrency advocates.
Panelists also noted the importance of regulators offering standards for custodians of cryptocurrency assets.