Galaxy's Michael Novogratz Optimistic for Passage of Crypto Clarity Bill

In an interview with CNBC this morning, Galaxy CEO Michael Novogratz expressed his view that the Digital Asset Market Clarity Act will soon pass, despite an upwelling of stiff opposition from many within the crypto industry.

What's the Scoop?

• Pass the Bill: While far from perfect, Novogratz argued the Clarity Act should be pushed through to unblock industry growth on CNBC this morning. "I don't think it will be great for crypto, but I think it'll be fine." Novogratz added that passing a bill now will allow the crypto industry to move forward, and that any shortcomings can be addressed in time.
• Conflicted Crypto Feelings: The supportive comment for Clarity comes just two days after Coinbase CEO Brian Armstrong abruptly retracted his company's previous support for the Digital Asset Market Clarity Act, claiming the draft to be untenable as written for a number of reasons.
• Political Support: The proposed Clarity Act remains popular with members of the controlling Republican party. Senate Banking Committee Chair Tim Scott (R-SC) reiterated that proposed legislation, "reflects months of serious bipartisan negotiations and real input from innovators, investors, and law enforcement."