Galaxy CEO: "The CLARITY Act" can proceed without being perfect

Mars Finance News, on January 17, according to The Block, Galaxy CEO Michael Novogratz stated that a comprehensive bill regulating the cryptocurrency industry could be finalized within the next few weeks. He pointed out that the bill does not need to be perfect to move forward. Just hours before the Senate Banking Committee’s scheduled hearing for amendments and voting on the Crypto Market Structure Act on Thursday, negotiations fell into chaos last week. The controversy mainly centered on how to handle stablecoin rewards. Banking groups have sharply criticized the GENIUS Act passed this summer — while the law prohibits issuers from directly paying interest to stablecoin holders, it does not ban third-party platforms like Coinbase from offering rewards. Many in the crypto industry believe that the banking sector is trying to curb competition and note that the issue of stablecoin yields was debated in the summer. “I do believe all parties will reach a compromise on this,” Novogratz said in an interview with CNBC on Friday morning. “It may not be ideal for the crypto industry, but it’s acceptable. I always emphasize: we must push the bill through so the industry can continue to develop. Even if it’s not perfect, so what? We can improve it later.”