Novogratz weighs in on crypto regulations: Who would be better for them, Trump or Biden?
Mike Novogratz, founder and CEO of Galaxy Digital, has expressed his optimism about the future of cryptocurrency regulation in the United States. According to the exec, the industry is poised for positive regulatory changes, regardless of who wins the upcoming presidential election.
Novogratz on crypto’s role in the upcoming election
In a recent conversation with CNBC’s ‘Squawk Box,’ Novogratz said,
“Crypto should be Bipartisan and it needs to be Bipartisan.”
He added,
“No matter who wins the next election, we’re going to get positive crypto legislation – I know that.”
This highlights the significant role cryptocurrency is playing in the 2024 presidential election. In fact, according to a survey conducted by Harris Poll on behalf of Grayscale, it’s evident that,
Trump vs. Biden
Recognizing the rise of crypto voters in the United States, former President Donald Trump has been vocal about his pro-crypto position. He has even started accepting cryptocurrency donations for his presidential campaign.
This, in sharp contrast with President Joe Biden’s approach to crypto, which many believe is influenced by SEC Chair Gary Gensler’s continuous scrutiny of various crypto firms.
Execs weigh in…
Providing more insights on the current status quo of crypto regulations in the U.S, Ethereum’s [ETH] co-founder Vitalik Buterin had this to say,
“The main challenge with crypto regulation (esp in the US) has always been this phenomenon where if you do something useless…you are free and clear, but if you try to give your customers a clear story of where returns come from, and promises about what rights they have, then you’re screwed because you’re ‘a security’.”
Billionaire entrepreneur Mark Cuban certainly believes the same. According to him,
“The issue isn’t that crypto companies don’t want to register. The issue is that it’s like trying to put a square peg in a round hole. It doesn’t fit. If no one can register, the problem is not us. It’s you.”
In a separate post, he added,
“Biden has to choose between Gensler and crypto voters or it could cost him the White House.
The contrasting views on crypto held by Biden and Trump seem to have swayed voters more towards Trump.
Impact on predictions and crypto market
This trend is also highlighted by Polymarket’s prediction market data, which shows Trump leading with 63% of votes in the Presidential Election Winner 2024 poll, compared to Biden’s 15%.
Source: Polymarket
However, if we look at the impact on memecoins inspired by the two presidential candidates, many of them are going through a bearish phase right now. This, despite Biden-inspired memecoins outperforming Trump-inspired ones.
For instance, at the time of writing, Donald Tremp [TREMP] was down by 16.5% in the last 24 hours, while Joe Boden [BODEN] had declined by 27.9% over the same period.
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