Crypto tycoon Mike Novogratz, CEO of Galaxy Digital, gave a robust defense of Ripple and slammed SEC Chair Gary Gensler in a recent appearance on CNBC's Squawk Box. Praising Ripple's recent legal victory against the SEC, Novogratz hailed it as a significant win for both the company and the wider crypto community.
"It was a big, big win for Ripple and a big, big win for the crypto community," Novogratz stated, and then took aim at SEC Chair Gary Gensler's handling of the situation, stating, "Let's not let Gary Gensler put lipstick on a pig. They lost and they know it." Novogratz's comments underscored his belief that the SEC's approach to cryptocurrencies is not in line with the market's actual needs and realities.
Novogratz also criticized the regulatory body's unclear guidelines. "The rules are absolutely not clear. The judge just basically said to the SEC you're wrong," Novogratz remarked, highlighting the urgent need for greater regulatory clarity. His sentiments echo those of Congressman Richie Torres, who recently called for regulators to clear up their stance on cryptocurrencies.
In the interview, the Galaxy Digital CEO also touched on the broader economic context. He discussed the implications of the normalization of 5% budget deficits, pitching Bitcoin, gold and silver as hedges.
"Governments love to spend money. In the long run, someone's got to pay for that, and that's why Bitcoin, gold, silver, I put them all in the same bucket," Novogratz explained.
Ending on a bullish note, Novogratz expressed increased comfort with Bitcoin. He ascribed its persistent growth to sustained retail interest and the anticipated launch of Bitcoin ETFs.
"Bitcoin has its own story. What drove Bitcoin is retail and they continue to buy, continue to buy. Now we have an ETF on the way. I'm more comfortable going long Bitcoin than I was six months ago," he concluded.