Galaxy Digital Holdings plans to move employees overseas amid regulatory uncertainty in the US. This was stated by the founder of the crypto trading bank Mike Novogratz, writes The Block.
The publication referred to a transcript of his speech at the Piper Sandler Global Exchange & FinTech conference. According to the entrepreneur, other firms will follow the example of Galaxy Digital.
“I think that, certainly, in the short term, we will seek to take people out of the US abroad. A lot of people do that,” Novogratz explained.
At the same time, he stressed that in the medium and long term, the States “should be part of the system.”
“We are too much of a global economy. And in order for the cryptocurrency to really fulfill its purpose, we must involve the United States in this. And so I am by no means going to give the middle finger to the regulator. We are trying to interact with politicians and regulators every single day to come to the right decision,” added the head of Galaxy Digital.
Earlier, Ripple CEO Brad Garlinghouse predicted the exit of industry firms from the United States due to the lack of clear regulation.
In May, Gemini founders Cameron and Tyler Winklevoss announced plans to open the company’s headquarters in London due to the “hostile” regulatory climate in the United States. Two major market makers – Jane Street and Jump Trading – announced the termination of operations with digital assets in the country.
ARK Invest analyst Yassin Elmanjra suggested that the United States will lose its leading position in the industry in favor of the UAE, South Korea, Australia and Switzerland.
Prior to this, a similar opinion was expressed by Circle CEO Jeremy Allair, calling Hong Kong one of the potential cryptocurrency hubs. Kaiko CEO Ambre Subiran also listed the China Autonomous Region as a future home for US crypto firms.
Recall that Merkle Science CEO Mriganka Pattnaik doubted the outcome of the crypto industry from the United States.
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