Galaxy Digital Finally Goes Public: No Fate But What We Make For Ourselves (and Our Crypto)

Judgment Day for Crypto Regulations?

Listen up people. Sarah Connor here. I've seen the future and it's not all metal skeletons and laser fire. Sometimes the real battle is against bureaucratic red tape. Mike Novogratz bless his optimistic heart just spent four years and over $25 million trying to get his crypto firm Galaxy Digital listed in the US. Four years! That’s longer than it took me to train for the apocalypse raise John and dodge a T 1000 simultaneously! He called it 'un American unfair infuriating.' I get it. Fighting for your existence is one thing fighting paperwork is another level of hell. Reminds me of the time I tried to explain time travel to a cop. Didn't go well.

1320 Days of Crypto Purgatory

According to Novogratz what should have been a 45 to 90 day process stretched into a staggering 1,320 days. Nine rounds of comments with the Securities and Exchange Commission (SEC)? Sounds like dealing with Skynet's customer service. 'Your future is terminated. Please hold.' The man's auditing costs were higher than Jefferies all thanks to regulatory scrutiny. Scrutiny I understand but this sounds like overkill. You know if they put this much effort into stopping actual threats maybe we wouldn’t have terminators running around in the first place!

No Money No Hope

Novogratz made a point that smaller companies without significant capital are at a disadvantage when it comes to crypto taxes. The rich get richer? I guess. He said that scarcity makes you tougher and it seems like he means it since Galaxy Digital was able to fund itself mostly through investment gains and trading. But for the little guy it's a whole different story. Skynet didn't play favorites and neither do these regulators apparently.

Hasta la Vista Toronto!

Galaxy Digital has been trading on the Toronto Stock Exchange (TSX) since 2020 because the U.S. regulators were too 'wary' of crypto. Wary? They should be wary of Skynet! The TSX became a playground for crypto companies that couldn't hack it in America. But for Novogratz the U.S. was the ultimate goal. 'Our visibility volume and notoriety in the Canadian market versus the U.S. is one to 30,' he said. Translation: America is where the real money and the real trouble is. Remember the future is not set. There is no fate but what we make for ourselves. Even in the stock market.

Crypto in the Capital: They'll be back?

Novogratz witnessed the rise of crypto from a fringe curiosity to a central issue in American politics. He recounted attending the Vice President's inaugural ball and seeing around 20 crypto CEOs. 'Shocking,' he said. Well I'm shocked they aren't spending that money on I don't know future proofing humanity? He also mentioned how the election of President Donald Trump changed the game opening doors that were once closed. He met with SEC Chair Paul Atkins who was pro business and pro risk. A bit of optimism in the face of the machine? I can dig it.

The Starting Line: Now the Real Fight Begins

Novogratz said that ringing the bell at the Nasdaq is 'kind of the starting line not the finish line.' He's right. This is just the beginning. The battle for the future of finance like the battle against Skynet is never truly over. We have to stay vigilant adapt and fight for what we believe in. And maybe just maybe we can create a future where crypto and regulators can coexist without anyone needing to build a time machine to fix things. But I wouldn't bet on it.