The founder and CEO of crypto-focused financial services firm Galaxy Digital, Mike Novogratz, is outlining what could happen to the digital asset space after the US general election.
In a new interview on Bankless, Novogratz says that after the November election, the crypto is likely to get friendlier regulation and less hostile regulators.
“I think the next big thing to happen is post this election, no matter who wins, you’re going to get some version of a market structure bill passed… and I’m praying, and I’m thinking you’re going to get new direction at the Office of the Comptroller of the Currency (OCC).”
According to Novogratz, the “remnants” of the US government’s hostile enforcement actions against the crypto industry that is referred to by some as Chokepoint 2.0 will be “wiped off the table” after the November election.
The Galaxy Digital CEO further says that after the November election, trading activity will increase and competition in the crypto space will intensify as new entrants join.
“The competition is going to get so much harder but good. It’s going to drive so many more people. Because those organizations that get more charged up and they’re bringing their giant institutions with them.”
On the impact that new entrants are likely to have on the crypto industry, Novogratz says,
“I want the giants to participate because I realize it will just open a lot of energy to our space. Why is energy important? Like Bitcoin drives everything because it pushes money into other places. It’s the other places that need to get built out so they can fulfill their destiny.”
Generated Image: DALLE3