Mike Novogratz, founder and CEO of crypto investment firm Galaxy Digital, didn’t back Donald Trump for president.
Still, the crypto billionaire is among industry bigwigs excited at the prospects of more lax crypto regulations under Trump.
Novogratz said anti-crypto policies including the controversial SAB 121 which restricts banks from servicing crypto firms will be reversed under Trump’s administration.
“It’s [SAB 121] going to get repealed very quickly,” Novogratz said on Thursday during Galaxy Digital’s third-quarter investor call, adding that big custodians including State Street and Bank of New York will readily embrace crypto.
“When you allow TradFi competitors to own crypto on their balance sheet, it is going to unleash a tsunami of institutional participation.”
Novogratz said he based his expectation of more favourable crypto regulations on Trump’s retinue of pro-crypto advisors.
The presumptive president promised in his campaign to fire Gary Gensler, the chair of the Securities and Exchange Commission, on day one of his presidency.
Gensler spearheaded enforcement measures under Joe Biden’s administration that many industry participants in the US deemed to be anti-crypto.
Gensler is regarded as anti-crypto and some major figures including Ripple CEO Brad Garlinghouse and billionaire entrepreneur Mark Cuban have publicly called for his removal.
Novogratz also called Trump’s election victory “the most important day for crypto” and that the industry will experience “one piece of good news every week” for the next two years.
The Galaxy Digital CEO said more money will flow into crypto which will drive innovation and cryptocurrency prices.
Novogratz previously predicted Bitcoin could hit $100,000 by year’s end.
Crypto market movers
Bitcoin is up 1.7% over the past 24 hours to trade at $75,696 at the time of writing.
Ethereum is up 6.7% to trade at $2,829.
What we are reading
Kraken says Trump win marks ‘turning point’ for crypto after slashing 400 jobs just weeks ago ― DL News
What Gary Gensler Could Still Do Against Crypto in His Remaining Days as SEC Chair ― Unchained
World’s 1st DeFi Founder / President ― Milk Road
DeFi Tokens Jump on Hopes That Trump Will Provide Crypto Regulatory Clarity ― Unchained
France to ban users’ access to Polymarket: report — DL News
Osato Avan-Nomayo is our Nigeria-based DeFi correspondent. He covers DeFi and tech. To share tips or information about stories, please contact him at osato@dlnews.com.
