Mike Novogratz plans to relocate Galaxy Digital staff out of the United States

Galaxy Digital Holdings plans to move employees overseas amid regulatory uncertainty in the United States. This was stated by Mike Novogratz, founder of the crypto trading bank, according to The Block.

The publication cited a transcript of his remarks at the Piper Sandler Global Exchange & FinTech conference. In his view, other firms will follow Galaxy Digital’s example.

“I think that, undoubtedly, in the short term we will strive to move people out of the United States abroad. Many are doing so,” said Novogratz.

We are too large a part of the global economy. And for crypto to truly fulfill its purpose, we must bring the United States into it. And therefore I certainly do not intend to thumb my nose at regulators. We are engaging with policymakers and regulators every day to arrive at the right solution,” said the head of Galaxy Digital.

Earlier, CEO Ripple Brad Garlinghouse predicted the departure of crypto firms from the United States due to the lack of clear regulation.

In May, Gemini founders Cameron and Tyler Winklevoss announced plans to open the company’s London headquarters due to the “hostile” regulatory climate in the United States. Two major market makers — Jane Street and Jump Trading — announced the cessation of operations with digital assets in the country.

ARK Invest analyst Yassine Elmandjra predicted the United States’ loss of leading position in the industry to the UAE, South Korea, Australia and Switzerland.

Prior to that, a similar view was expressed by Circle CEO Jeremy Allaire, who named Hong Kong as one of the potential cryptocurrency hubs. Kaiko CEO Ambre Subiran also indicated the autonomous region of China as a future haven for American crypto firms.

Earlier, Merkle Science CEO Mriganka Pattnaik cast doubt on the outcome of the U.S. crypto industry.