Galaxy CEO: "CLARITY Act Can Proceed Without Perfection"

BlockBeats News, January 17th, according to The Block, Galaxy CEO Michael Novogratz stated that a comprehensive regulatory cryptocurrency industry bill may be finalized in the coming weeks. He noted that the bill does not need to be perfect to move forward.

Just hours before the Senate Banking Committee's scheduled hearing on cryptocurrency market structure bill revisions and votes on Thursday, the negotiation process was thrown into chaos last week. The controversy particularly centered on the handling of stablecoin rewards. The banking industry group has sharply criticized the "GENIUS Act" passed this summer—it prohibits issuers from directly paying interest to stablecoin holders but does not ban third-party platforms like Coinbase from offering rewards. Many in the crypto industry believe the banking industry is attempting to stifle competition and point out that the stablecoin yield issue was already debated in the summer.

"I do think all parties will compromise on this," Novogratz said in a Friday morning interview with CNBC. "This may not be ideal for the crypto industry, but it is acceptable. I always emphasize: we must push the bill through to allow the industry to continue to grow. Even if it's not perfect, so what? We can improve it later on."