Galaxy Digital, a crypto investment firm, is speeding up its plans to move its operations offshore due to the SEC's crackdown on crypto.

CEO Mike Novogratz stated that the regulatory environment has made institutional crypto a challenging place to be.

Although a recent draft regulatory bill aims to provide clarity, Novogratz believes it is unlikely to pass and is just a placeholder for now.

He also highlighted the collapse of FTX under Sam Bankman-Fried as the driving force behind U.S. regulators' aggressive stance on crypto, leading to a "legislative stalemate" and prompting Galaxy Digital's plans to offshore its operations.