Galaxy Digital CEO says the Biden administration doesn’t like crypto

Mike Novogratz explained why the US enforcement agencies are taking strict action against the crypto companies and also he dragged the attention of the crypto community over the suspicious relationship between the FTX exchange & US democratic parties.

Galaxy Digital Holdings Ltd. is an investment firm that seeks to rationalize the cryptocurrencies and blockchain sector, providing asset management, investing, advisory, and trading services as well as making principal investments. In 2018, this company was founded by Michael Novogratz. Novogratz is the CEO of this company.

Recently the Galaxy Digital CEO appeared in an interview with Bloomberg TV and there he explained his theory behind the recent US crackdown on crypto companies. 

Novogratz said that strict enforcement action by the US regulatory bodies started to increase, just after the downfall of the FTX crypto exchange. 

According to Galaxy Digital CEO, the Biden administration as well as the Democratic party doesn’t like the crypto sector because they are not getting donations from the FTX co-founder Sam Bankman-Fried (SBF), so this is the reason why we’re under assault from the US government.

“The Biden administration, the Democratic Party doesn’t like crypto. Partly, because Sam Bankman-Fried was Joe Biden’s biggest donor. And he was the biggest donor to the Democratic Party,” Galaxy Digital CEO said.

Novogratz also alleged that SBF was also closed with the US financial regulatory bodies, the SEC (U.S. Securities and Exchange Commission) and the CFTC (Commodity Futures Trading Commission).

Further, Novogratz said that he is still bullish on this crypto sector & its steady growth and noted that the current situation is deriving a better opportunity for crypto-friendly countries.

In particular, Galaxy Digital CEO noted that crypto companies are showing significant Inclination toward the Middle East region e.g Abu Dhabi, Hong Kong, etc. 

Read also: Kaiko CEO believes US’s enforced regulation will push crypto sector toward Hong Kong