The CEO of Galaxy Digital, a cryptocurrency investment firm, claims that Democrats are reconsidering their stance on crypto in light of the upcoming 2024 US Presidential election. In an interview with CNBC’s Squawk Box, Mike Novogratz suggests that the Biden administration is paying attention to market trends and changing its position on digital currencies. Novogratz believes that someone within the Biden White House has recognized the importance of not opposing crypto. He perceives this as a significant shift that could result in higher cryptocurrency prices. When asked to elaborate on his speculation, Novogratz reiterates that Democrats are keen to avoid allowing crypto to become a major issue in the election. He points out that crypto-focused Political Action Committees (PACs) have raised substantial funds, specifically targeting the elections of Sherrod Brown and Jon Tester, which are crucial for Democrats in swing states with vulnerable Senate seats. Novogratz argues that crypto should be a bipartisan matter for the industry to thrive, and he criticizes Elizabeth Warren and a small group of individuals for holding Democrats hostage on this issue. He highlights the broader Senate’s rejection of Warren’s stance, led by Chuck Schumer, as a sign of a changing tide. Novogratz senses a genuine shift in the Democratic Party’s position on crypto.
