Novogratz Sees Clarity in Senate Crypto Bill Compromise

Mike Novogratz, CEO of Galaxy Digital (GLXY), believes the CLARITY Act will clear the Senate's 60-vote hurdle. He thinks a compromise over the bill's ethics provisions will help it pass.

The CLARITY Act has been held up due to disagreements over whether its ethics rules would apply to President Trump, whose family owns significant crypto assets. However, Senators Cynthia Lummis and Bernie Moreno have agreed to White House language on the president's ethics, clearing this hurdle.

Novogratz predicts Democrats will back a DOJ-enforcement framework, which could lead to a floor vote as soon as next month. He expects the bill to pass, but not everyone at Galaxy agrees with him. The firm's Head of Research Alex Thorn has reduced his odds of passage to 30% and believes it's time for a last-ditch effort.

Despite some skepticism within Galaxy, Coinbase CEO Brian Armstrong remains optimistic about the bill's chances. He says the CLARITY Act is 'ready for a full Senate floor vote' and is at crypto's 'one-yard line.'