Mike Novogratz, the founder and CEO of Galaxy Digital, says the crypto industry will see favorable regulations regardless of the outcome of the upcoming U.S. elections.
The Galaxy Digital CEO made the assertion during a recent interview on CNBC’s Squawk Box.
“No matter who wins the next election, we’re going to get positive crypto legislation – I know that,” Novogratz remarked.
"No matter who wins the next election, we're going to get positive crypto legislation – I know that," says @Novogratz pic.twitter.com/Vq8Xp1TEY0
— Squawk Box (@SquawkCNBC) July 2, 2024
Call Advocates for Bi-Partisan Political Support for Crypto
Novogratz advocated for bipartisan political support for crypto, which could lead to positive developments in the industry’s regulatory landscape.
He emphasized that several Democratic lawmakers are currently supporting crypto, with the exception of some critics like Senator Elizabeth Warren.
This bipartisan political support was observed earlier this year when 71 Democrats crossed party lines to vote in favor of the Financial Innovation and Technology for the 21st Century Act (FIT21) bill.
“I do fundamentally believe that crypto should and needs to be bi-partisan. We can’t have one party that likes it and the other party that doesn’t,” he added.
Importance of Upcoming Election to Crypto Regulations
The importance of the upcoming presidential elections slated for November 5, 2024, cannot be overstated. Its outcome is essential in determining the future of the regulatory landscape for the U.S. crypto industry.
Notably, several industry stakeholders have been calling on regulatory agencies like the SEC to provide clarity for crypto. In response, the SEC, under the leadership of Gary Gensler, believes the rules are clear, emphasizing that existing securities laws also apply to crypto.
However, former U.S. President and current Republican presidential candidate Donald Trump has consistently advocated for crypto during his recent campaign trail. In May, he pledged unwavering support for the industry.
Trump stated that while President Biden and other Democrats are against crypto, he and his team are good with it. He called on crypto enthusiasts to vote for him in the upcoming presidential elections.
Trump’s remarks suggest that he would establish favorable regulations for crypto if re-elected. Nonetheless, Novogratz thinks the outcome of the elections will not stand in the way of positive regulations for the industry.
Novogratz Comments on Bitcoin Price Action
Furthermore, the Galaxy Digital CEO also provided an outlook on Bitcoin’s price action. He noted that the asset’s surge in the past months was a ‘huge move up,’ adding that it would take a while for ‘things to digest’ for the top asset.
However, he speculated that Bitcoin would consolidate between the $55,000 and $73,000 ranges until the asset witnessed another positive development.
Despite Bitcoin’s recent correction, Novogratz still considers it a valuable asset amid rising government spending. At the current price of $60,470, Bitcoin is down 17.92% from its all-time high of $73,750, recorded on March 14.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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