Galaxy Digital CEO Mike Novogratz says the next phase of the crypto market will look unlike anything that’s come before it.
In an interview with Real Vision’s Raoul Pal, the billionaire investor says two structural shifts are setting the stage for a lasting expansion in digital assets.
“What could be different? Dangerous freaking words. It’s different this time. There are two things that could be different. We are going to pass a market structure bill, and that plus [the] GENIUS [Act] is going to allow… at one point, Apple’s going to have stablecoins on their iPhone.”
The proposed market structure bill seeks to create a single federal framework defining which digital assets qualify as securities versus commodities, a move that would end years of regulatory uncertainty between the SEC and CFTC. Meanwhile, the GENIUS Act is a bipartisan initiative that would encourage federal agencies to adopt blockchain for recordkeeping and payments, laying the groundwork for eventual on-chain settlement of financial instruments.
He says the new regulatory clarity will finally settle long-running disputes over digital asset classification.
“There are no excuses anymore that there’s regulation around what’s a commodity and what’s a security and what’s not, and the SEC saying we want you to be on-chain.”
Novogratz believes that the shift will unlock the rapid adoption of crypto among the world’s largest consumer and financial brands.
“I think there’s an acceleration of the existing giant players and consumer and financial markets getting into crypto. We are going to see tokenized stuff, probably starting with tokenized equities and mortgages and everything else. That’s good for the narrative of all these level one, you know, L1 chains.”
Looking closer at the current cycle, Novogratz believes that Bitcoin has lagged AI stocks due to the selling pressure coming from old BTC holders.
“And there were a lot of people in the Bitcoin world that had rode this so long that finally decided, I want to buy something. I’m not going to sell all my Bitcoin, but I got a friend that bought a yacht, a friend that bought part of a sports team. And so people trimming because it had been a great run, and you’re just digesting that turnover.”
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