Billionaire CEO of Galaxy Digital Plans to Move Some U.S. Staff Overseas, But Won’t `Flip The Middle Finger’ at SEC

Billionaire Galaxy Digital CEO Michael Novogratz suggested that the regulatory crackdown on the crypto industry in the U.S. will prompt many firms to shift more staff overseas — his included —  but said he won’t ”flip the middle finger at the regulator.”

“In the short run, we’re going to look to move people out of the U.S. overseas,’’ Novogratz said at the Piper Sandler Global Exchange & FinTech Conference last month, The Block reported, citing a transcript of the remarks made available yesterday. “And lots of companies are.”

The US is falling behind: https://t.co/F9IbRsp2Dv

— NINA KAPLAN (@nina_kaplan) July 6, 2023

Galaxy Digital Engaging Politicians `Every Single Day’

But Novogratz is still trying to work with U.S. regulators because for crypto to really fulfill its destiny “we’ve got to get the US engaged,’’ he said.  The U.S. is too big a part of the global economy not to be a part of the crypto ecosystem, he said, adding that Galaxy is ‘’trying to engage with politicians and regulators every single day to get to a good place. And so I am, by no means going to flip the middle finger at the regulator.’’

Crypto firm Gemini said last month that it will expand its Singapore office by hiring more than 100 staff during the next year while Coinbase announced was granted a license to operate a trading platform in Bermuda.

The U.S. Securities and Exchange Commission is taking legal action against firms including Coinbase and Binance, unsettling some players in the industry even as others say a regulatory crackdown on the industry is needed to lay the foundations for a stronger future.

The transcript of Novogratz’s remarks also indicated that he’s pessimistic about a draft bill that would clarify when a token can transition from being treated as a security to a commodity, The Block story said. Such a classification would provide lower disclosure requirements and would likely be welcomed by the industry.

“It’s not going to pass,’’ he said. “But at least there’s a placeholder down.’’

The legislation may be voted on as early as next week.

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• Source: https://insidebitcoins.com/news/billionaire-ceo-of-galaxy-digital-plans-to-move-some-u-s-staff-overseas-but-wont-flip-the-middle-finger-at-sec