Novogratz Urges Passage of Cryptocurrency Market Structure Bill... "Hesitation Risks Losing Hegemony"

▲ Cryptocurrency Regulation/ChatGPT Generated Image

A warning has emerged that the Democratic Party's internal strategy of delaying the processing of cryptocurrency regulation bills could be a choice that surrenders America's technological hegemony.

U.Today reported on May 13 (local time) that Mike Novogratz, founder of Galaxy Digital, urged the Democratic Party to immediately pass the U.S. cryptocurrency market structure bill. Novogratz, known as a lifelong Democrat, emphasized that hesitation comes at a cost, citing his experiences in wrestling and the cockpit.

Novogratz criticized the Democratic Party for ceding the center of cryptocurrency policy. He said, “The lesson is always the same. If you give up the center of the ring, you can't get it back. This is the risk that the Democratic Party, my party, is taking in cryptocurrency today.” He argued that the loudest voices on the left are handing over the future of technology that will define America's power this century.

Coinbase CEO Brian Armstrong also stated that the U.S. cryptocurrency market structure bill is closer to passing than ever before. Armstrong believes the bill will benefit the American public by making the financial system more efficient and accessible. He emphasized that the passage of this bill is essential for the U.S. to maintain its lead in the race to build the next generation of financial infrastructure.

However, a large number of amendments submitted by Democratic lawmakers have emerged as a variable in the bill's processing. U.Today reported that over 100 new amendments are delaying the passage of the high-stakes bill. The DeFi Education Fund (DEF) has labeled some of these as anti-DeFi amendments and sounded the alarm.

According to DEF, Democratic Senators Catherine Cortez Masto, Andy Kim, Chris Van Hollen, Elizabeth Warren, and Jack Reed have submitted amendments aimed at removing protections for uncontrolled software developers and DeFi front-ends, and targeting tokenization-related provisions. DEF is currently urging supporters to pressure senators to oppose these amendments.

*Disclaimer: This article is for investment reference only and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*