It’s the dawn of a new day for the crypto industry with Donald Trump now the president-elect of the United States, said Galaxy Digital’s Michael Novogratz, calling out the numerous crypto advocates that have advised him. “We’ve got a Congress that is moving our way, we’ve got a president that’s moving our way, and so for Galaxy and the crypto industry, that couldn’t be more optimistic,” he said on CNBC’s “Squawk Box” Wednesday morning. One of the biggest things to look forward to are the three major financial regulators – the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation and the Securities and Exchange Commission – getting clear direction from a president keen to see the U.S. lead in the global crypto market. “Those three positions, with someone who’s open minded to crypto … changes everything,” he said. “Allowing State Street and Bank of New York to custody crypto, allowing the banks to hold it on their balance sheet will bring in billions, hundreds of millions, of participants into our ecosystem. And all of a sudden we’ll start seeing decentralized systems launched and work so this is really a step change.” Novogratz, who has been a major Democratic donor and helped Joe Biden get elected in 2020, noted that Trump has “surrounded himself by people that believe in the industry, care about the industry,” like his running mate JD Vance, Silicon Valley heavyweight Peter Thiel , and Howard Lutnick , the Cantor Fitzgerald CEO and head of Trump’s transition team. The shift won’t happen overnight, Novogratz warned, but as Trump starts to appoint people into various positions of leadership there will be “a substantial shift in the energy of this industry.” The industry has suffered from an anti-crypto crusade led by Sen. Elizabeth Warren , D-Mass., and Biden-appointed SEC Chair Gary Gensler, who has regulated crypto businesses largely through enforcement actions and absent clear legislation to guide crypto companies.
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