Galaxy CEO: "CLARITY Act Can Proceed Without Perfection"

January 17 — Galaxy Digital CEO Michael Novogratz told The Block that a comprehensive regulatory bill for the cryptocurrency industry could be finalized in the coming weeks, noting the legislation doesn’t need to be perfect to move forward. Chaos erupted in negotiations last week just hours before the Senate Banking Committee’s scheduled Thursday hearing on crypto market structure bill revisions and votes. The dispute centered on how stablecoin yields are handled. Banking industry groups have sharply criticized the “GENIUS Act” passed this summer: the bill bans stablecoin issuers from directly paying interest to holders but doesn’t prohibit third-party platforms like Coinbase from offering rewards. Many in the crypto space argue the banking sector is trying to stifle competition, pointing out the stablecoin yield issue was already debated over the summer. “I do think all parties will compromise on this,” Novogratz said in a Friday morning interview with CNBC. “This might not be ideal for crypto, but it’s acceptable. I always stress: we need to get the bill passed to let the industry keep growing. Even if it’s not perfect, so what? We can fix it later.”