Mike Novogratz asserts that regardless of the election outcome positive legislation for crypto is inevitable

Crypto Legislation Expected to Receive Positive Momentum Irrespective of Election Outcome, According to Mike Novogratz


By Andrew Throuvalas
Last modified:
July 2, 2024, 18:38 EDT
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1 min read


Source: Midjourney
Mike Novogratz, the CEO of Galaxy Digital, anticipates favorable developments in crypto-related legislation, expressing confidence in a positive trajectory regardless of whether the upcoming presidential term is led by Biden or Trump.
Mike Novogratz Asserts Inevitability of Crypto Legislation
Acknowledging the divergence in approaches to crypto policy taken by the two prominent leaders, Novogratz, a prominent figure in the business world, emphasizes that the realm of cryptocurrency logically transcends party lines, signaling a shift towards bipartisan support.
“I am certain that regardless of the election outcome, we will see constructive crypto legislation come to fruition,” stated Novogratz during an interview with CNBC, underscoring his stance as not being solely driven by a singular issue.
Confronted with contentious legislative propositions alongside stringent enforcement measures from a Securities and Exchange Commission under Democratic governance, the Biden administration and progressive lawmakers have faced reproach from Novogratz and fellow influencers within the crypto sector for impeding the expansion of blockchain ventures nationwide.
Conversely, a notable contingent within the industry has voiced endorsement for former President Donald Trump in the upcoming 2024 presidential election, citing his recent advocacy for Bitcoin.
In the aftermath of the recent Presidential debate, indications from cryptocurrency betting markets predominantly suggest a favorable outlook for a Trump victory in the election. Furthermore, the probability of Vice President Kamala Harris assuming the mantle of the Democratic Party nominee as a successor to Biden is on the rise.
Nevertheless, independent of a potential Trump resurgence, Novogratz highlights a shifting discourse within the Democratic Party concerning crypto matters.
“Notably, a significant portion of Democrats – barring Elizabeth Warren and a select few – exhibit a stance that is supportive of innovation and cryptocurrency,” he remarked.
In the House of Representatives, a cluster of pro-crypto measures, including the FIT21 ACT, a sweeping proposal aimed at establishing a coherent regulatory framework for crypto enterprises operating within the nation, received resounding bipartisan backing, with 208 Republicans and 71 Democrats voting affirmatively in favor.
The Status of Bitcoin’s Bull Market
Addressing the stalling of Bitcoin’s price momentum in the second quarter following a surge in the initial quarter, Novogratz concedes that the assimilation of the previous growth spurt will necessitate time. Nonetheless, the buoyant expenditure policies under both the Trump and Biden administrations are projected to continue propelling asset valuations upward.
“Both the incumbent and former presidents have overseen unprecedented escalation in national debt levels,” remarked Novogratz. “Until a reform is instituted in governmental spending habits, allocating Bitcoin as a core asset seems particularly prudent to me.”
Over the last five trading days, shares of Galaxy Digital (GLXY) have recorded a 14.95% upsurge.
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