The founder and CEO of crypto-focused financial services firm Galaxy Digital, Mike Novogratz, outlines what could happen to the digital asset space after the US general election.
In a new interview on Bankless, Novogratz say that crypto will likely see friendlier regulations and less hostile regulators after the November elections.
“I think the next big thing that’s going to happen is that after this election, no matter who wins, some version of a market structure law will be passed… and I pray, and I think you will too . receive new direction at the Office of the Comptroller of the Coin (OCC).”
According to Novogratz, the “remnants” of the US government’s hostile enforcement actions against the crypto industry, which some are calling Chokepoint 2.0, will be “wiped off the table” after the November elections.
The CEO of Galaxy Digital further says that after the November elections, trading activity will increase and competition in the crypto space will intensify as new entrants enter.
“The competition is becoming so much harder, but okay. It’s going to power so many more people. Because those organizations are becoming more and more charged and bringing their gigantic institutions with them.”
On the impact that newcomers are likely to have on the crypto industry, Novogratz says:
“I want the giants to participate because I realize this will open up a lot of energy for our space. Why is energy important? Like Bitcoin powers everything, because it pushes money to other places. It is the other places that need to be developed so that they can fulfill their purpose.”
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
follow us on X, Facebook And Telegram
Surf to the Daily Hodl mix
Generated image: DALLE3