EP 12 – Galaxy's Michael Harvey on why crypto and TradFi become one thing in five to ten years

EP 12 – Galaxy's Michael Harvey on why crypto and TradFi become one thing in five to ten years

Michael Harvey runs franchise trading at Galaxy, and he says the horse is out of the barn on perpetual futures. A billion dollars of daily notional already trades on Kalshi's bitcoin perp, even as the CME challenges the CFTC's ruling that reclassified the product as a future.


He takes Ash through Galaxy's OTC prediction-markets business, why compute markets need their own Libor-to-SOFR moment, and his call that within five to ten years crypto and TradFi merge back into plain finance.


Topics discussed:

  • Why the CFTC reclassified Kalshi's bitcoin perp as a future

  • The CME turf war over perpetuals and futures

  • Building an OTC prediction-markets business on venue oracles

  • Galaxy's no-sports, no-death rule for event contracts

  • Why compute markets need a Libor-to-SOFR observability fix

  • Financializing compute before derivatives can sit on top

  • The convergence thesis and three pillars of future finance

  • Tokenized equities and self-custody demand outside the US

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