The CEO of crypto asset management company Galaxy Digital says big changes are coming to the digital asset industry following yesterday’s US presidential election.
In a new interview with CNBC Television, billionaire Mike Novogratz says that not only is President-elect Donald Trump pro-crypto, but he is surrounded by individuals who will help the industry thrive.
“The crypto community showed up. There are now more than 240 members of Congress who the crypto pack thought were pro-crypto. We have a Congress headed our way. There’s a president coming 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 leading regulatory agencies, including the U.S. Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC), which have taken many enforcement actions against numerous crypto companies since 2020.
“I think the most important thing is that the OCC, the FDIC, the SEC, the regulators, have leadership from a president and a secretary of the treasury who says, ‘Hey, we want to lead in this industry.’
Those three positions with someone who is open to crypto and pro-crypto changes everything. By allowing State Street and the banks of New York to take custody of crypto, by allowing the banks to hold it on their balance sheets, billions and hundreds of billions of participants will be added to our ecosystem, and suddenly we will see decentralized systems. launched and working. And so this is really a step change.”
The billionaire says he expects changes if the department heads are replaced by Trump, which he does SThis should happen within six months.
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