Michael Novogratz FRIES Top Democratic Senators For Holding Up Crypto Legislation

By Cje95 | Congress and Crypto | 23 Feb 2024

I wrote this post yesterday but forgot to hit post after I got off from work so whoops my bad guys!


This morning before any of my colleagues arrived at the office I had CNBC on and was half listening as I went through my emails. Even when they got to the Bitcoin news segment I was not listening all that much until I heard them start talking about DC and the politics involved in all of this. When I heard that my attention snapped over to the TV, and I noticed that Michael Novogratz, the CEO of Galaxy Digital, was discussing the topic. 


Michael Novogratz was answering all of the different questions presented to him and even expanding on some of them without being asked to which was something I thoroughly enjoyed. Politics is a messy game so when he started to answer what his own beliefs were and what he thought was best for the industry I dialed in. During this time he stated that while he would prefer Biden to have a second term because "you know what you are going to get with him" he also stated the huge issues with this. 


Those issues included things we have thought of and talked about before like keeping Gensler as SEC head but more importantly he publically blasted the Biden Admin for the deal that they had to cut behind the scenes to rally Democratic support and win the Presidency. During this time he mentioned by name and dug into Senator Elizabeth Warren a known crypto skeptic and Senator Sherrod Brown who is not as outspoken as Sen. Warren is the Chair of the Senate Banking Committee which gives him the unilateral ability to bury legislation. 


Novogratz did highlight as well how a lot of this stuff, the basic easy-to-agree-on regulations, have bipartisan support but that it was the Democratic leadership that was holding up any and all progress. It was in this line that he stated that as it stands now Republicans are the better party for crypto because there is support for the industry from the bottom rank and file members all the way up to leadership groups. What I really got out of this was that Nocogratz almost wanted a Republican Senate and House with a Biden Presidency so that the Republicans could really hold him in check and pass along pro-crypto legislation and force the President's hand. 




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Graduated from Texas A&M in May of 2020 had dabbled in crypto since 2017 but dove in at the end of 2019. December of 2020 packed up and moved to D.C.! Huge sports fan, space nerd, and international newsreader! Follow me on Twitter @Cje95_

Congress and Crypto
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