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Galaxy Digital reported its third quarter earnings this morning, although founder Mike Novogratz’s remarks on the election stood out to me most.
“The last quarter seems a little less relevant right now given that this is kind of a whole new world,” the CEO famous.
He was, after all, alluding to Donald Trump’s win and the affect the president-elect’s pledges, if fulfilled, may have on the crypto business. To not point out the flood of pro-crypto Congress members elected Tuesday.
Galaxy’s inventory, which is listed on the Toronto Inventory Alternate, rose about 25% Wednesday, and went up one other 16% Thursday, as of two pm ET.
Novogratz didn’t publicly assist Trump. “I was actually on the other side,” he famous on in the present day’s name.
“But I was always pro-crypto, and I thought, let’s do the best we can to have a bipartisan agreement,” the exec stated.
Novogratz famous the crypto-friendly folks Trump may have round him. Exterior of JD Vance, he talked about RFK Jr., Peter Thiel and Howard Lutnick. Right here’s a reminder of what Lutnick, the CEO of Cantor Fitzgerald, stated about bitcoin in September.
The Galaxy CEO stated he’s anticipating “one piece of good news every week” for the subsequent one or two years.
Amongst these could possibly be new appointments on the SEC, FDIC and OCC, he stated — including that he expects SAB 121 will likely be “repealed very quickly.”
That SEC accounting steering is what many say has stored plenty of conventional gamers out of the crypto business. President Joe Biden vetoed Congress’ bipartisan decision that might have invalidated SAB 121.
“When you bring in the [BNY Mellons] and the State Streets as custodians, [and] when you allow TradFi competitors to own crypto on their balance sheet, it is going to unleash a tsunami of institutional participation,” Novogratz stated.
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