Crypto Will Get Positive Legislation No Matter Who Wins Election, Says Mike Novogratz

Galaxy Digital CEO Mike Novogratz is optimistic about crypto legislation regardless of whether Biden or Trump takes control of the White House next year.

Crypto Legislation Is Inevitable: Mike Novogratz

Despite a clear split on crypto policy between both leaders, the billionaire maintains that crypto should logically be a bi-partisan issue – and is increasingly moving in that direction.

“No matter who wins the next election, we’re going to get positive crypto legislation – I know that,” Novogratz told CNBC on Tuesday, noting that he is “not a single issue voter.”

"No matter who wins the next election, we're going to get positive crypto legislation – I know that," says @Novogratz pic.twitter.com/Vq8Xp1TEY0

— Squawk Box (@SquawkCNBC) July 2, 2024

Between hostile legislative proposals and a slew of enforcement actions from a Democrat-run SEC, the Biden administration and progressive congresspeople have been harshly criticized by Novogratz and other crypto industry leaders for stifling the growth of blockchain businesses nationwide.

By contrast, many industry leaders are endorsing ex-President Donald Trump in the 2024 presidential race, who has recently pivoted to being a champion of Bitcoin.

Following last week’s Presidential debate, crypto betting markets are now largely predicting Trump will win the election. Odds are also rising for Vice President Kamala Harris to replace Biden as the Democratic Party nominee.

Yet even without a Trump victory, Novogratz says attitudes on crypto are changing from within the Democratic Party.

“Most Democrats – outside of Elizabeth Warren and a small group of people – are pretty pro-innovation and pro-crypto,” he said.

The House of Representatives passed multiple pieces of pro-crypto legislation in May, including the FIT21 ACT, a comprehensive bill to provide a clear regulatory framework for crypto firms to operate within the country. The bill received overwhelming bipartisan support, with 208 Republicans and 71 Democrats voting in favor.

Where Is Bitcoin’s Bull Market?

The CEO also commented on Bitcoin’s price stagnancy during the second quarter, acknowledging that its Q1 surge will take a while to “digest.” Nevertheless, exuberant government spending under both Trump and Biden will continue driving up asset prices.

“These have been the two worst presidents in terms of increasing debt in the history of our country,” said Novogratz. “Until the government actually stops spending like drunken sailors… Bitcoin as a core holding makes all the sense in the world to me.”

Galaxy Digital (GLXY) shares have risen 14.95% over the past five trading days.