Galaxy CEO predicts imminent crypto bill passage with compromise on stablecoins

Galaxy CEO Mike Novogratz predicts that the crypto market structure bill will pass within weeks due to strong bipartisan interest, despite ongoing disagreements regarding stablecoin provisions. He anticipates a compromise will be reached, which might not fully satisfy the crypto industry but will allow the sector to achieve regulatory clarity and growth. The main sticking point involves stablecoin interest payments, as large banks like J.P. Morgan and Bank of America lobby against rules that could cause significant deposit flight from traditional savings accounts. Novogratz argued that overly restrictive rules would entrench monopolies, specifically mentioning Tether's dominance in overseas stablecoins, and stressed that some yield mechanism is necessary for innovation. The bill's Senate Banking Committee markup was recently canceled after lawmakers opposed key provisions, leading to resumed talks this week.

(Source：Crypto Briefing)