Galaxy CEO expects compromise on crypto bill, calls passage essential for growth

Mike Novogratz, CEO of crypto financial services firm Galaxy Digital, has stated that a compromise will eventually be reached on the U.S. crypto market structure bill (CLARITY Act) and that its passage is necessary for the industry to grow. In an interview with CNBC, Novogratz said that while the bill passing in its current amended form would not be ideal for the industry, he believes the outcome would ultimately be acceptable, adding that an imperfect law could be improved over time, The Block reported. His comments come amid widespread opposition to the CLARITY Act's current provisions from within the U.S. crypto industry. Coinbase, for example, has withdrawn its support for the bill, citing concerns over a de facto ban on tokenized stocks, the potential to block DeFi while allowing unrestricted access to financial data, a weakening of the Commodity Futures Trading Commission's (CFTC) authority in favor of the SEC, and a possible prohibition on stablecoin reward features.