Galaxy Digital Prepares for Nasdaq Listing While SEC Opens Door to Softer Crypto Regulation

Crypto investment firm Galaxy Digital has cleared a major regulatory hurdle as it prepares to list on the Nasdaq. The U.S. Securities and Exchange Commission (SEC) approved the company’s registration statement on April 7, marking a significant step in Galaxy’s efforts to shift its listing from the Toronto Stock Exchange (TSX) to the U.S. market.

Currently incorporated in the Cayman Islands, Galaxy also announced plans to relocate its corporate domicile to Delaware—a move pending shareholder and TSX approval. According to a filing submitted to the SEC, Delaware’s favorable legal environment and abundance of corporate case law were key factors in the decision. CEO Michael Novogratz shared the milestone on social media, stating, “We’re on track to list on the Nasdaq shortly after our shareholder vote on May 9, contingent on completing our reorganization.”

The firm expects to begin trading under the ticker symbol GLXY by mid-May, provided it meets final Nasdaq listing requirements. Still, investor sentiment appeared mixed; Galaxy’s shares dropped 8% on the TSX following the announcement, closing at CA$12.30 (around $8.70 USD).

Regulatory Tailwinds: SEC Roundtables Take Center Stage

The timing of Galaxy’s transition aligns with a wave of renewed focus on crypto policy within the SEC. The agency is currently conducting a series of roundtable discussions aimed at rethinking how digital asset trading should be regulated. The second session, scheduled for April 11 and titled “Between a Block and a Hard Place: Tailoring Regulation for Crypto Trading,” will include speakers from Coinbase, Uniswap Labs, Cumberland DRW, and the New York Stock Exchange, among others.

These sessions are part of the SEC’s "Spring Sprint Toward Crypto Clarity"—a five-part initiative to address key crypto issues such as tokenization, custody, and decentralized finance (DeFi). Notably, several of the firms participating had previously faced enforcement actions under the SEC’s former leadership. Complaints against Coinbase and Cumberland DRW were dropped earlier this year, while an investigation into Uniswap Labs was quietly closed in February.

Under Acting Chair Mark Uyeda and the Trump administration, the SEC appears to be adopting a more collaborative stance. Uyeda recently launched a review of seven past staff statements—five of which relate directly to crypto—aiming to align them with the administration’s deregulation agenda. The initiative follows a directive from President Trump and recommendations from the Elon Musk-led Department of Government Efficiency (DOGE).

Statements under review include a 2019 framework suggesting certain crypto assets could be considered securities under the Howey Test, as well as advisories about the risks of crypto exposure in investment funds. The goal, according to Uyeda, is to "identify staff statements that should be modified or rescinded consistent with current agency priorities."

As Galaxy Digital prepares for its Nasdaq debut and U.S.-based operations, the shifting regulatory tone may offer a more favorable environment for crypto-native firms seeking institutional credibility. Whether these changes result in lasting clarity or further legal ambiguity remains to be seen—but for now, companies like Galaxy are moving quickly to seize the moment.