Galaxy Digital CEO Says US Election Outcome Won’t Stop Cryptocurrency From Getting Positive Regulation

Mike Novogratz, founder and CEO of Galaxy Digital, says the crypto industry will benefit from favorable regulation regardless of the outcome of the upcoming US elections.

The CEO of Galaxy Digital made the claim during a recent interview on CNBC’s Squawk Box.

“No matter who wins the next election, we will have positive crypto legislation – I am sure of it” Novogratz noted.

“No matter who wins the next election, we’re going to have positive crypto legislation – I’m sure of it,” says @Novogratz pic.twitter.com/Vq8Xp1TEY0

— Squawk Box (@SquawkCNBC) July 2, 2024

Call for Advocates to Seek Bipartisan 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 pointed out that several Democratic lawmakers currently support crypto, with the exception of some critics like Sen. Elizabeth Warren.

This bipartisan political support was seen earlier this year when 71 Democrats crossed party lines to vote in favor of the Financial Innovation and Technology for the 21st Century (FIT21) bill.

“I fundamentally believe that cryptocurrency needs to be bipartisan. We can’t have one party that likes it and another that doesn’t,” he added.

Importance of upcoming elections for cryptocurrency regulation

The importance of the upcoming presidential elections scheduled for November 5, 2024 cannot be overstated. Their outcome is critical in determining the future of the regulatory landscape of the U.S. cryptocurrency industry.

Notably, several industry players have called on regulators like the SEC to clarify the rules regarding cryptocurrencies. In response, the SEC, under Gary Gensler, believes the rules are clear, emphasizing that existing securities laws also apply to cryptocurrencies.

However, former US President and Republican presidential candidate Donald Trump has consistently advocated for cryptocurrencies during his recent election campaign. In May, he pledged unwavering support for the industry.

Trump said that while President Biden and other Democrats are against cryptocurrencies, he and his team are in favor of this type of technology. He called on cryptocurrency enthusiasts to vote for him in the upcoming presidential election.

Trump’s comments suggest that he would enact cryptocurrency-friendly regulations if re-elected. However, Novogratz believes that the election outcome will not stand in the way of positive regulation for the sector.

Novogratz’s Comments on Bitcoin Price Developments

Additionally, the Galaxy Digital CEO also gave an overview of Bitcoin’s price action. He noted that the asset’s rise over the past few months was a “huge surge,” adding that it would take some time for “things to sink in” for the largest asset.

However, he speculated that Bitcoin would consolidate between $55,000 and $73,000 until the asset sees another positive move.

Despite Bitcoin’s recent correction, Novogratz still sees it as a valuable asset amid rising government spending. At its current price of $60,470, Bitcoin is down 17.92% from its all-time high of $73,750, which was recorded on March 14.