Galaxy Digital CEO Mike Novogratz has expressed strong optimism about the future of the U.S. crypto industry, particularly in light of Donald Trump’s return to the presidency. During an interview with CNBC on November 6, Novogratz pointed to Republican SEC Commissioner Hester Peirce and Robinhood’s Chief Legal Officer, Dan Gallagher, as potential candidates to lead the SEC under the new administration.
“I know [Peirce] is probably throwing her name in the hat,” Novogratz said, adding that Gallagher has also been mentioned as a possible pick. “I’m not sure the exact person matters, as long as they’re very open-minded to this industry,” he explained. Novogratz also noted that he believes Trump would avoid selecting an SEC chairperson who opposes the crypto industry, making it likely that any appointee would be favorable toward crypto innovation.
While Novogratz had previously expressed support for Vice President Kamala Harris in the presidential race, he stated that he is now “optimistic” about the future of crypto under Trump’s leadership. Novogratz emphasized that with a president who is dedicated to supporting the industry, the U.S. crypto market is poised for significant growth and regulatory reform.
Trump’s Victory Brings Hope for Crypto-Friendly Policies
The CEO of Galaxy Digital pointed out that the trajectory of the crypto industry in the U.S. will largely depend on the leadership of key financial regulators, including the OCC (Office of the Comptroller of the Currency), FDIC (Federal Deposit Insurance Corporation), and the SEC. Novogratz believes that with leaders who have a progressive and supportive stance on crypto, the regulatory environment could change dramatically, unlocking new opportunities for the industry.
Trump’s victory, Novogratz suggested, marks a turning point for the U.S. crypto landscape. He anticipates that the former president will push for regulatory reforms that could significantly transform the digital asset market. These reforms could include measures to support domestic mining, create a national Bitcoin reserve, and allow banks to hold crypto on their balance sheets. Novogratz sees these changes as key to bringing substantial capital into the market, potentially injecting billions or even hundreds of billions of dollars into the sector.
Hester Peirce and Dan Gallagher: Key Contenders for SEC Chair
Both Peirce and Gallagher bring substantial regulatory experience to the table and have expressed views that align with Novogratz’s optimism about a more crypto-friendly future.
Hester Peirce, known as “Crypto Mom” for her outspoken support of the digital asset industry, has been a vocal critic of the SEC’s approach to crypto regulation under the Biden administration. She has argued that the SEC’s focus on enforcement has hindered innovation and created unnecessary barriers for the industry. Peirce has called for clearer guidelines and more proactive regulation to foster growth and development in the crypto space.
Dan Gallagher, the Chief Legal Officer at Robinhood, has a strong reputation for advocating for pro-business regulatory policies. At Robinhood, he has been actively involved in discussions surrounding retail trading and crypto regulation, positioning him as a compelling candidate for SEC leadership under Trump. Gallagher’s prior experience as an SEC Commissioner from 2011 to 2015 further strengthens his credentials, giving him the expertise needed to navigate securities regulation.
According to a report by Politico last month, Gallagher is seen as a leading contender for SEC Chair within Republican circles. One former senior SEC official referred to him as a “natural choice” for the role, citing his reputation and regulatory experience.
Looking Ahead: The Future of Crypto Regulation
As the U.S. crypto industry braces for a new administration, Novogratz’s comments signal growing confidence among industry leaders that the next phase of regulation could open the door to innovation and growth. With potential SEC chairs like Peirce and Gallagher, the hope is that the regulatory environment will become more supportive of blockchain and crypto technologies, paving the way for a more robust market and enhanced institutional involvement.
