Mike Novogratz, the outspoken CEO of Galaxy Digital, has reiterated his belief that the cryptocurrency industry should pivot its focus toward advancing clear legislative action, rather than engaging solely in costly and protracted litigation against regulators like the Securities and Exchange Commission (SEC). This position notably diverges from the strategy championed by firms such as Coinbase, which is currently challenging the SEC’s authority in federal court. Novogratz argues that while legal battles may provide temporary clarity, they do not offer the foundational framework required for the mass institutional adoption that the US market seeks. He contends that relying on court decisions results in fragmented, slow-moving ‘regulation by enforcement.’ Instead, the path to sustained growth lies in congressional action that clearly defines digital assets and delineates jurisdictional boundaries. Speaking about the slow pace of US regulation, Novogratz maintained his trademark optimism, noting that despite the current regulatory ambiguity and political friction, he is confident the situation will resolve favorably for the industry. His assurance, encapsulated by the quote, ‘We’ll fix it in time,’ underscores a willingness to tolerate a slower, legislative process if it leads to permanent regulatory certainty, prioritizing macro clarity over immediate legal victories.
Source: ‘We’ll fix it in time’: Galaxy CEO Novogratz bucks Coinbase and wants crypto legislation to advance
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