Mike Novogratz, CEO of Galaxy Digital, has shared his outlook on the cryptocurrency industry following the upcoming US elections.
In an interview with Bankless, Novogratz predicted that regardless of the election’s outcome, the crypto sector is likely to benefit from more supportive regulations and a reduction in aggressive enforcement tactics.
He expects that a market structure bill will pass post-election, leading to changes at the Office of the Comptroller of the Currency (OCC).
Novogratz believes that the stringent regulatory actions currently impacting the crypto space will diminish, paving the way for increased trading and heightened competition as new players enter the market.
Novogratz views the potential involvement of major financial institutions as a positive development, which he believes will drive growth and bring more energy to the sector.
Donors from Wall Street, Silicon Valley, and Hollywood played a key role in helping Vice President Kamala Harris’ fundraising efforts in August, giving Democrats a financial advantage over Donald Trump on the cusp of the run-off election.
Pro-XRP attorney John Deaton, who has secured the Republican nomination for a Massachusetts Senate seat, will face off against Democratic Senator Elizabeth Warren in a highly anticipated debate on October 15, 2024.
Ripple Chairman Chris Larsen has recently moved 20 million XRP as part of a larger shuffle involving 50 million tokens.
Tensions surrounding the Ripple vs. SEC lawsuit are intensifying as discussions about a potential appeal gain traction.