The chief executive of crypto asset management firm Galaxy Digital says that big changes are coming to the digital assets industry following yesterday’s US presidential election.
In a new interview with CNBC Television, billionaire Mike Novogratz says that not only are President-elect Donald Trump’s stances pro-crypto, he’s surrounded by individuals who will help the industry flourish.
“The crypto community showed up. There are now over 240 Congressmen who the crypto pack thought were pro-crypto. We’ve got a Congress that is moving our way. We’ve got a president moving our way. And so, for Galaxy, the crypto industry, I couldn’t be more optimistic.”
According to Novogratz, the biggest victory comes in the form of a pro-crypto president and treasurer directing regulatory agencies, including the U.S. Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC), which have filed many enforcement actions against numerous crypto firms since 2020.
“I think the biggest thing is the OCC, the FDIC, the SEC, the regulatory chairs getting direction from a President and a Secretary of Treasury that says, ‘hey, we want to lead in this industry.’
Those three positions with someone who’s open-minded to crypto, and is pro-crypto, changes everything. Allowing State Street and the banks of New York to custody crypto, allowing the banks to hold it on their balance sheet, will bring in billions, hundreds of billions of participants into our ecosystem, and all of a sudden we’ll start seeing decentralized systems launched and work. And so this is really a step change.”
The billionaire says to expect changes when the department heads are replaced by Trump, which he says should happen within half a year.
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