24/7 Cryptocurrency News

Billionaire Mike Novogratz Predicts SEC Lawsuits Will Continue Ahead

Mike Novogratz expects more SEC lawsuits & prolonged legal battle for Coinbase and Binance as crypto crackdowns loom over the industry.
Published by
Billionaire Mike Novogratz Predicts SEC Lawsuits Will Continue Ahead

Crypto News: Renowned billionaire investor and founder of Galaxy Digital, Mike Novogratz, recently shared his insights on the ongoing legal battles surrounding major crypto exchanges. According to Novogratz, he anticipates further lawsuits of similar nature by the US Securities & Exchange Commission (SEC) against crypto businesses operating in the United States and protracted legal processes along with it.

Advertisement

Mike Novogratz Predicts Delays In Legal Battles

Speaking at a fintech investor conference hosted by Piper Sandler on Wednesday, Novogratz commented that the cases against Coinbase and the Binance exchange, probably won’t be litigated for a few months. “There’s not going to be quick closure on any of this. It makes it very difficult to figure out what you should do”, he added.

Read More: Binance & Coinbase Witness $600Mn In Net Outflows As Investors Lose Trust

Additionally, Novogratz highlighted that the SEC’s lawsuits have categorized numerous major tokens as securities. However, notable cryptocurrencies such as Bitcoin, Ethereum, and the stablecoin USD Coin were exempted. Speaking on this context, the 58-year-old crypto advocate was quoted as saying:

So if you take the opposite, three-quarters of our industry, even in the US, is available to play.

Advertisement

Uncertainty Brews As Major Firms Face Challenges

The SEC has recently intensified its regulatory actions against the crypto industry, targeting prominent players through successive lawsuits. On Tuesday, the financial watchdog accused Coinbase of operating an illegal digital asset exchange and functioning as an unregistered broker and clearing agency.

A day earlier, the SEC sued Binance Holdings Ltd., alleging mishandling of customer funds, misleading investors and regulators, and violation of securities regulations. Additionally, the former Chief Compliance Officer of Binance was accused of willfully violating US regulations.

Novogratz Claims Institutional Interest Has Dipped

Novogratz emphasized that institutional players are currently hesitant to engage in the crypto space, particularly in the United States. He noted that the industry is witnessing consistent daily buying from retail hodlers who are accumulating cryptocurrencies through popular apps like Square and Robinhood as well as smaller brokerages.

Galaxy Digital, under Novogratz’s leadership, is increasingly shifting its operations offshore in response to the regulatory challenges. Novogratz believes that it’s high time for the crypto industry to demonstrate its practicality and usefulness, especially with the growing interest in artificial intelligence.

He concluded his statement by saying that he does not believe that the crypto narrative is going to garner attention any time soon unless there’s an app on the phone which delivers on the Web3 promise.

Also Read: Bitcoin Nears $27,000, XRP, Dogecoin Rise Over 4% Despite SEC Suing Crypto Exchanges

Advertisement

Share
Coingapestaff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

SEC Chair Paul Atkins Says Crypto Is Top Priority At SEC CFTC Roundtable

The U.S. Securities and Exchange Commission has placed cryptocurrency at the top of its current…

September 30, 2025
  • 24/7 Cryptocurrency News

Legal Expert Breaks Down XRP’s Appeal as Ripple SWIFT Debate Heats Up

The running rivalry between Ripple and SWIFT resurfaced after a community callout to Ripple’s CEO.…

September 30, 2025
  • 24/7 Cryptocurrency News

Crypto Stakeholders Push Back as Banks Seek Yield Ban Provision in CLARITY Act

A dispute between crypto stakeholders and traditional banks has reemerged as lawmakers in the Senate…

September 30, 2025
  • 24/7 Cryptocurrency News

Crypto ETFs Approval Faces Uncertainty as Government Shutdown Looms, Bloomberg Analyst Says

Bloomberg analyst James Seyffart has shared his thoughts on a potential approval of the pending…

September 29, 2025
  • 24/7 Cryptocurrency News

Fed’s Hammack Backs Restrictive Policy Over Rate Cuts Amid Inflation Concerns

Cleveland Federal Reserve President Beth Hammack has advocated for a restrictive monetary policy amid growing…

September 29, 2025
  • 24/7 Cryptocurrency News

Fed Governor Chris Waller Champions Stablecoins as a Tool for Cheaper Global Payments

Federal Reserve Governor Chris Waller has said that stablecoins and public blockchains could cut cross-border…

September 29, 2025