Mike Novogratz, the CEO of Galaxy Digital, states that the economic turmoil in the U.S. and crypto's acceptance by the Trump administration continue to create a significant tailwind for Bitcoin and digital assets.

When speaking to Bloomberg about the current state of crypto regulations, Novogratz also shed light on the stifling role of the SEC under Gary Gensler.

The SEC Marketplace Rules for Nasdaq listings require listing firms to follow corporate governance rules 4350, 4351, and 4360. According to Novogratz, getting approval from the SEC took over 300 days. He called it "un-American".

Galaxy Digital Holdings Ltd. (TSX: GLXY) finally became listed on the Nasdaq Global Select Market on May 16. According to Novogratz, transitioning from regulatory hostility under ex-SEC chair Gary Gensler to a more favorable regulatory environment under President Donald Trump is meaningful.

“The Trump administration has just embraced our industry, and that freed up the animal spirit, both here and abroad,” said Novogratz. He also credits BlackRock CEO Larry Fink's public endorsement of Bitcoin as the turning point for institutional adoption. “When he got orange-pilled, the largest asset manager in the world said ‘this is a real asset’… and lots of other companies followed suit.”

US. debt and Bitcoin's boom

The billionaire investor also mentioned rising U.S. debt as a primary driver behind Bitcoin's strength.

"We are in a challenging position as a country," Novogratz said. "We have this kind of debt, yield curves are selling off everywhere, the dollar is under pressure, and all those things are very good for Bitcoin and crypto assets."

Novogratz thinks "regulatory clarity" is here as stablecoin legislation has been passed, and a bill on market structure is almost finished. "Now, it's up to the crypto industry to build something America wants," he stated.

Billionaire CEO claims Trump's policy unleashes ‘animal spirits'  first appeared on TheStreet on May 22, 2025

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