Crypto Legislation Will Be Positive Regardless of Election Outcome, Predicts Mike Novogratz
Andrew Throuvalas
Updated: July 2, 2024, 18:38 EDT
| 1 min read
Source: Midjourney
Mike Novogratz, the CEO of Galaxy Digital, remains hopeful about positive crypto legislation, regardless of whether Biden or Trump wins the upcoming presidential election.
Novogratz believes that crypto should be a bipartisan issue and sees it moving in that direction. He stated, “No matter who wins the next election, we’re going to get positive crypto legislation – I know that,” during an interview with CNBC. He also emphasized that he is not a single-issue voter.
Novogratz has been critical of the Biden administration and progressive congresspeople for their unfavorable stance on crypto, which has included hostile legislative proposals and enforcement actions by the Democrat-run SEC. On the other hand, many industry leaders are backing former President Donald Trump, who has recently shown support for Bitcoin.
After the recent Presidential debate, prediction markets are largely favoring Trump to win the election. There are also increasing odds that Vice President Kamala Harris will replace Biden as the Democratic Party nominee.
However, Novogratz believes that attitudes towards crypto are changing within the Democratic Party. He stated, “Most Democrats – outside of Elizabeth Warren and a small group of people – are pretty pro-innovation and pro-crypto.”
In May, the House of Representatives passed multiple pro-crypto bills, including the FIT21 ACT, which aims to provide a clear regulatory framework for crypto firms. The bill received bipartisan support, with 208 Republicans and 71 Democrats voting in favor.
Novogratz also commented on Bitcoin’s price stagnancy in the second quarter, attributing it to the need to “digest” its surge in the first quarter. However, he believes that the excessive government spending under both Trump and Biden will continue to drive up asset prices. He stated, “Until the government actually stops spending like drunken sailors… Bitcoin as a core holding makes all the sense in the world to me.”
Over the past five trading days, shares of Galaxy Digital (GLXY) have risen by 14.95%.
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