Galaxy Digital CEO Says US Election Outcome Won’t Stop Crypto from Getting Positive Regulation

Mike Novogratz, founder and CEO of Galaxy Digital, says the cryptocurrency industry will see favorable regulation regardless of the outcome of the upcoming US election.

The Galaxy Digital CEO made this statement in a recent interview with CNBC’s Squawk Box.

“No matter who wins the next election, we will have positive cryptocurrency legislation – I know that” Novogratz noted.

“No matter who wins the next election, we will have positive cryptocurrency legislation – I know that,” he says @Novogratz photo:twitter.com/Vq8Xp1TEY0

— SquawkBox (@SquawkCNBC) July 2, 2024

Call for Bipartisan Political Support for Cryptocurrencies

Novogratz has advocated for bipartisan political support for cryptocurrencies, which could lead to positive changes in the industry’s regulatory environment.

He stressed that many Democratic lawmakers currently support cryptocurrencies, with the exception of some critics such as Senator Elizabeth Warren.

Bipartisan political support was seen earlier this year when 71 Democrats crossed party lines to vote for the Financial Innovation and Technology for the 21st Century Act (FIT21).

“I fundamentally believe that cryptocurrencies should and must be bipartisan. We can’t have one party that likes them and one that doesn’t like them.” he added.

What the Upcoming Elections Mean for Cryptocurrency Regulation

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

Interestingly, several industry stakeholders are calling on regulatory agencies like the SEC to provide clarity on cryptocurrencies. In response, the SEC, led by Gary Gensler, believes the rules are clear, emphasizing that existing securities laws also apply to cryptocurrencies.

However, former US President and current Republican presidential candidate Donald Trump has consistently advocated for cryptocurrencies during his recent 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 good with them. He urged cryptocurrency enthusiasts to vote for him in the upcoming presidential election.

Trump’s statements suggest he would institute favorable regulations for cryptocurrencies if re-elected. Nevertheless, Novogratz believes the election result will not stand in the way of positive regulation for the industry.

Novogratz Comments on Bitcoin Price Action

In addition, the Galaxy Digital CEO also gave a forecast for Bitcoin’s price action. He noted that the asset’s rise in recent months has been a “huge upward movement,” adding that it will take some time for “things to digest” for the primary asset.

However, he speculated that bitcoin’s value would consolidate in the range of $55,000 to $73,000 until another positive change occurs.

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 on March 14.