Key Takeaways Mike Novogratz said crypto’s “age of speculation” may be ending as institutions reshape risk appetite. He expects tokenized real-world assets and tokenized stocks to lead the next phase, with lower returns. Novogratz blamed the slump on a post-leverage wipeout hangover, not a single “smoking gun” event. He said the industry needs a US market structure bill, including the proposed CLARITY Act, to restore “spirit.” Galaxy Digital CEO Mike Novogratz said crypto’s “age of speculation” ...