Galaxy Digital CEO: Democrats Woke Up and Realized ‘There Are More Crypto Owners in America Than There Are Dog Owners’

by

As a seasoned crypto investor with a keen interest in the political landscape shaping the industry, I find Michael Novogratz’s insights on CNBC’s “Squawk Box” particularly compelling. His analysis of Ethereum’s price surge and the potential approval of US-based spot Ethereum ETFs, driven by the evolving political climate in the United States, is intriguing.

On May 21, 2024, Michael Novogratz, the founder and CEO of Galaxy Digital, spoke on CNBC’s “Squawk Box” about the latest trends in cryptocurrency prices, the SEC’s stance under the Biden administration, and the potential wider effects for the industry.

Novogratz pointed out the impressive increase in Ethereum‘s value within the last 24 hours. He credited this growth to escalating expectations regarding the possible approval of Ethereum ETFs in the US. This hopefulness, he explained, arises from the shifting political climate in America, specifically the Biden administration’s stance on digital currencies.

Novogratz discussed the political developments influencing the cryptocurrency market. He shared an intriguing anecdote from two weeks prior when former President Trump labeled himself as the “crypto president,” and on the same day, President Biden indicated his intent to veto bill H.J. Res. 129. If enacted, this legislation would have reversed SAB 121, which required companies to include crypto assets in their balance sheets, a controversial decision that instigated intense debate.

Novogratz contends that this occurrence served as a significant political benchmark, labeling Republicans as crypto advocates and Democrats as opponents. However, Democrats have since come to recognize the implications of their stance in light of the large crypto user base in the US – approximately 85 million people, surpassing the number of dog owners. This demographic is influential due to their single-issue voting pattern.

As a researcher studying political trends, I’ve observed an intriguing development among Democrats in response to escalating political pressure. Notable Senators and 21 Congressmen have crossed party lines to support the repeal of a Securities and Exchange Commission (SEC) rule. This rule is currently under consideration by President Biden. The bipartisan nature of this movement suggests a substantial shift in the political climate surrounding cryptocurrencies.

Novogratz hypothesized that there could have been a phone call from the White House to SEC Chairman Gary Gensler, encouraging a more lenient approach towards approving crypto Exchange-Traded Funds (ETFs). He stressed that he doesn’t possess insider knowledge but noted that market trends hint at a potential policy change.

As a researcher studying the cryptocurrency industry, I cannot stress enough the importance of a bipartisan approach to regulation. For this sector to flourish, it necessitates the backing of politicians from across the political spectrum. I’ve noticed some figures, such as Elizabeth Warren, have taken strong anti-crypto stances, which I believe hinders progress for Democrats on this issue. However, it is encouraging to see leaders like Senate Majority Leader Chuck Schumer starting to push back against this anti-crypto stance, suggesting a more open and accepting view within the Democratic party.

As a researcher studying the intersection of politics and cryptocurrency, I’ve personally taken an active role in advocating for a bipartisan approach. I’ve been reaching out to Democrats and Republicans alike to share my knowledge and champion reasonable crypto policies. I strongly believe that turning crypto into a political football is counterproductive, and I’m optimistic that my perspective is gaining traction within the political sphere.

Read More

2024-05-21 18:27