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- Mike Novogratz, CEO of Galaxy Digital, said it appears Democrats are shifting their stance on cryptocurrencies to neutralize the issue leading to federal elections later this year.
- Novogratz suggested that the policy change came directly from someone within the Biden administration, which could be causing the sudden development of the Ethereum Spot ETF.
Mike Novogratz, CEO of cryptocurrency-focused asset management firm Galaxy Digital, says Democrats may be in the midst of a major shift in attitude toward cryptocurrencies.
Busy Novogratz suggested on CNBC’s show Tuesday that the impetus for change is coming directly from the White House, with US President Joe Biden potentially seeking to exclude cryptocurrencies from being an issue in the upcoming federal election. said.
Novogratz also suggested that this change in policy could be responsible for the sudden developments in the Ethereum Spot ETF that were reported yesterday.
Related: ETH price rises as ETF rumors swirl.Analyst raises approval probability from 25% to 75%
Novogratz says Democrats realize they can no longer be on the anti-crypto side
Appearing on CNBC’s SquawkBox, Novogratz said the Democratic Party had mishandled the crypto issue, which led to Donald Trump being aggressively positioned as a pro-crypto candidate. The former president declare At a rally two weeks ago, he said, “If you’re in favor of cryptocurrency, you should vote for Trump.”
Meanwhile, Novogratz says Democrats are focused on reigning in the industry and limiting its growth, creating a very black-and-white situation.
It set off a kind of firestorm, almost becoming a purity test, with Republicans favoring crypto and Democrats favoring crypto.
Mike Novogratz, Galaxy Digital CEO
Novogratz believes that with millions of Americans owning cryptocurrencies, Democrats are aware of how deeply political this could pose in the election and would rather see their investments do well.
I think the Democratic Party administration woke up and said, “This is strange.” There are more cryptocurrency owners in the United States than dog owners, with 85 million people owning cryptocurrencies, many of them single-issue voters.
Galaxy Digital CEO Mike Novogratz
Novogratz went on to say that he believes the change in direction is coming directly from the White House, saying, “Someone in the Biden White House called and said, ‘Guys, we can no longer be the party that opposes crypto.’ I feel like that’s what I said, and I think so.” Crustal movements.”
When asked if he believed someone from the White House had called SEC Chairman Gary Gensler and told him to approve an Ethereum spot ETF for political reasons, Novogratz was blunt: “They want to make cryptocurrency a big election issue.”
Related: ‘Bigger than gold’: Galaxy’s Mike Novogratz predicts trillions of dollars will flow into Bitcoin
Novogratz also said he believes the politicization of crypto is harmful to the industry, arguing that much of the Democratic opposition is driven by Elizabeth Warren and her small group of supporters.
Cryptocurrency should be bipartisan, and frankly it needs to be bipartisan for our industry to work, and it’s Elizabeth Warren and a handful of others who have been holding the Democratic Party hostage on this.
Mike Novogratz, Galaxy Digital CEO
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“Mike Novogratz, CEO of cryptocurrency-focused asset management firm Galaxy Digital, said Democrats may be in the midst of a major shift in their stance on cryptocurrencies. Speaking… ”
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Source link: https://cryptonews.com.au/news/galaxy-digital-ceo-mike-novogratz-says-white-house-has-flipped-its-stance-on-crypto-121026/
