Galaxy Digital CEO Predicts Weekly Positive Developments for Crypto Industry
Galaxy Digital reported its third quarter earnings, with CEO Mike Novogratz highlighting the significance of the recent election results on the crypto landscape.
He indicated that the last quarter's performance is less relevant due to potential changes following Donald Trump's election and the impact of pro-crypto Congress members. Galaxy’s stock rose approximately 25% on Wednesday and an additional 16% on Thursday as of 2 pm ET.
Novogratz clarified his position, stating he did not support Trump but remains pro-crypto, aiming for bipartisan cooperation. He mentioned Trump's expected advisors, including JD Vance, RFK Jr., Peter Thiel, and Howard Lutnick, who have shown favorable views towards cryptocurrency.
Looking forward, Novogratz anticipates weekly positive developments over the next one or two years, including new appointments at the SEC, FDIC, and OCC. He expressed confidence that SEC accounting guidance SAB 121, which has hindered traditional players from entering the crypto space, will be repealed quickly.
Novogratz emphasized that integrating traditional financial institutions like BNY Mellon and State Street as custodians will lead to increased institutional participation in the crypto market.