Here's what a new SEC chair could mean for crypto, according to Bitcoin investor Michael Novogratz

Published Mon, Jun 22 20203:55 PM EDT

Jesse Pound @/in/jesse-pound @jesserpound

(This story is for CNBC Pro subscribers only). A potential change at the top of United States' main securities regulator could be a good thing for cryptocurrencies, investor Michael Novogratz said on Monday. In a power struggle over the weekend , the Trump administration moved to replace the top federal prosecutor in the Southern District of New York. President Trump said he would nominate Jay Clayton, the current chairman of the Securities and Exchange Commission, to fill that role. Novogratz, who is the founder and CEO of Galaxy Digital, said on " The Exchange " that a change at the SEC could help cryptocurrencies move forward. "It seemed like he kind of didn't want to deal with the crypto issues specifically and kind of constantly punted on it," Novogratz said of Clayton. Novogratz said there are several viable options to replace Clayton who would be welcomed by crypto investors, including Heath Tarbert, who currently runs the Commodity Futures Trading Commission. "Us crypto guys have been wanting somebody a little bit more engaged, a little more active, a little more forward-looking," he said. The price of Bitcoin has swung wildly this year as the coronavirus pandemic has roiled financial markets around the world. Novogratz said he thought the primary reason to invest in Bitcoin currently is to hedge against the risk of inflation that some worry could be created from coronavirus relief programs. The concern about inflation is not shared by everyone, with members of the Federal Reserve projecting inflation to be below its 2% target through 2022 . "Why are people buying Bitcoin now? They're buying it for the same reason people are buying gold ... because people worry that the Fed and the Treasury are printing and buying too many dollars," Novogratz said. The billionaire investor said Bitcoin could be on its way to all-time highs in the near future. "It would surprise me if we don't take out 10,000 soon, and after that you're going to see 14,000 and 20,000," Novogratz said. Watch the full interview above .

Michael Novogratz

Anjali Sundaram | CNBC

(This story is for CNBC Pro subscribers only).

A potential change at the top of United States' main securities regulator could be a good thing for cryptocurrencies, investor Michael Novogratz said on Monday.

In a power struggle over the weekend, the Trump administration moved to replace the top federal prosecutor in the Southern District of New York. President Trump said he would nominate Jay Clayton, the current chairman of the Securities and Exchange Commission, to fill that role.

Novogratz, who is the founder and CEO of Galaxy Digital, said on "The Exchange" that a change at the SEC could help cryptocurrencies move forward.