KEY POINTS
- The Galaxy Digital CEO revealed that things were 'shifting' within the Democratic Party
- He said he believes the industry will get positive legislation regardless of who wins the presidency
- GOP candidates have become increasingly vocal of supporting crypto in recent months, including Trump
Many politicians within the Democratic Party are seen as anti-cryptocurrency by the majority in the digital assets industry, especially since many of them are increasingly silent about their views of the emerging sector. However, things may have changed internally, at least according to Mike Novogratz, the CEO of crypto infrastructure solutions firm Galaxy Digital.
In an interview with CNBC's "Squawk Box" on Tuesday, Novogratz was asked what he thinks about Republican presidential frontrunner Donald Trump's recent turnaround and vocal support for the industry. Novogratz dodged the question and instead reiterated his belief that crypto should be a bipartisan issue.
"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
He went on to reveal that "most Democrats outside of Elizabeth Warren's small group of people are pretty pro-innovation and pro-crypto." He further noted that while the situation regarding Sen. Warren of Massachusetts has been "frustrating," things are "shifting" within the party.
Warren has been called "anti-crypto" by many prominent figures and key players in the crypto sector following her actions over the years that they said targeted the industry unfairly. One of such steps she has taken is the introduction of the Digital Asset Anti-Money Laundering Act (DAAMLA), which she said should help mitigate risks associated with digital assets.
Novogratz went on to say that regardless of who wins the presidential election in November, "we're going to get positive crypto legislation."
The tech magnate's comments regarding a shift within the Democratic Party are backed by observation from Bitwise CIO Matt Hougan, who previously said some Democrats are signaling support for the industry. On the other hand, he said it appears crypto voters still haven't grasped the ramifications of the recent change of heart among Democratic lawmakers.
While many Democrats have yet to become as vocally supportive as other Republican candidates such as John Deaton, who is on a mission to dethrone Warren in Massachusetts. Warren has held the seat for more than a decade, and Deaton, even before his senatorial bid, is known in the crypto industry for his assistance to $XRP holders.
Meanwhile, the Trump campaign has been receiving more support from key figures in the crypto space, including the Winklevoss twins, who each donated $1 million worth of Bitcoin to help propel the campaign forward.
It is unclear whether President Joe Biden's campaign has received support from the crypto industry, but the team has reportedly reached out to key players to discuss policy. It is worth noting, though, that both Biden and Trump did not mention the industry during the first U.S. presidential debate last week.
