‘We’ll fix it in time’: Galaxy CEO Novogratz bucks Coinbase and wants crypto legislation to advance

Galaxy CEO Michael Novogratz stated that a sweeping bill to regulate the cryptocurrency industry could be finalized soon, emphasizing that the legislation does not need to be perfect to move forward. This stance puts him at odds with Coinbase CEO Brian Armstrong, who announced that the crypto exchange could not support the latest draft of the bill due to concerns over stablecoin rewards, tokenized equities, DeFi issues, and the SEC's role. Armstrong argued, "Frankly, I'd rather have no bill than a bad bill," suggesting the current draft favors banks and would eliminate several of Coinbase's existing products. Novogratz, however, believes a compromise on stablecoin rewards is likely and insists that passing the bill is crucial for the industry's growth, stating, "And if it's not perfect, who cares? We'll fix it in time." The Senate Banking Committee postponed a planned markup hearing following Coinbase's withdrawal of support.

(Source：The Block)