Stop worrying about Gensler’s crypto crusade and focus on bitcoin: Novogratz

Galaxy Digital’s CEO joined CNBC’s Squawk Box Thursday morning to discuss the artificial intelligence bubble, government spending and the state of crypto regulation in the US


Galaxy CEO Mike Novogratz | Source: Seb Daly/ RISE via Sportsfile "Mike Novogratz" (CC license)


Galaxy Digital CEO Mike Novogratz issued a vote of confidence for bitcoin during a Thursday morning CNBC appearance, saying he was more comfortable being long on the world’s largest digital asset now than he was six months ago. 

Novogratz also took the opportunity to tell SEC Chair Gary Gensler that crypto firms aren’t clear on the rules, and that the judge in the Ripple case agreed with that outlook.

“Gary has been saying, ‘come in, the rules are clear.’ The rules are absolutely not clear. The judge just basically said to the SEC, ‘you’re wrong.’”

In a mixed decision, the judge said Ripple’s programmatic sales of XRP were not unregistered securities offerings, while its institutional sales were. 

Read more: SEC on the defensive in effort to shift Ripple narrative

Novogratz then pivoted to US Rep. Ritchie Torres’ letter to the SEC in the wake of the Ripple ruling that tore into the regulator for its regulation by enforcement tactics

In summing up the letter from the New York Democrat, Novogratz said, “it’s time…for the White House, for the SEC, for Democrats to sit down with the Republicans and give us some damn legislation so we can get on with life.”

His anticipation for Congress eventually legislating on crypto is paired with his belief that bitcoin is too big of an idea to kill. It’s a currency that worries central bankers the world over, he said, and it’s a phenomenon that draws the ire of someone like Treasury Secretary Janet Yellen, who Novogratz said is trying to “defend the dollar as a global currency.”

Not only that, he signaled some excitement for a bitcoin ETF, a race that a dizzying number of firms are participating in

“Bitcoin, gold, silver, I put them all in the same bucket. Silver and gold trade great,” Novogratz said. “What drove bitcoin this year was retail…and now we’ve got an ETF on the way.”

Bitcoin’s performance is key for Novogratz since Galaxy Digital has been hosting Argo Blockchain’s mining rigs since December of last year. 

“Bitcoin’s not going away. You threw everything you could at it, and it’s up 80% on the year with interest rates higher. So the adoption cycle continues,” Novogratz said.

Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.


Upcoming Events

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Screen Shot 2024-05-16 at 14.53.45.png


Loss-versus-rebalancing (LVR) is arguably Ethereum DeFi’s biggest problem, and thus reducing LVR is fundamental to the success of Ethereum. This report dives into the world of LVR. We uncover its importance for AMM designers, discuss the two major mechanism design categories and various projects developing solutions, and offer a higher level perspective on the importance of AMMs in general.


Industry players have started realizing high-performance computing-related revenues as they buy Nvidia GPUs and secure customer deals


Yesterday saw Congress’ upper chamber side with the House on a measure aimed at overturning SAB 121


Oklahoma’s new crypto bill will go into effect in November of this year


The deposits hit a $20 million cap in just 45 minutes


Twelve Democratic Senators voted in favor to pass the resolution Thursday

article-image is “aware” that bonding curve contracts on were exploited, and has since paused trading