The U.S. has a lot to lose if it fails to pass cryptocurrency market structure legislation and even more to gain if it does, Galaxy Digital (NASDAQ:GLXY) CEO Mike Novogratz says.
“Pass the Clarity Act,” Novogratz said in an X post on May 12. “This is how America wins.”
Failure to pass the Clarity Act could push the cryptocurrency industry offshore to the detriment of U.S. users, he said.
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Novogratz pointed to the spot volume dominance of Binance, an offshore exchange. He said Binance controlled 40% of volumes, while the U.S.’s largest exchange Coinbase Global Inc. (NASDAQ:COIN) only controlled 6% despite the U.S. driving the demand.
However, Novogratz said there was more at stake than the offshoring of the cryptocurrency industry. The Clarity Act will encourage tokenization, allowing billions of people to invest in U.S. equities and treasuries, he said, framing it as a means of power projection.
Novogratz particularly called on Senate Democrats to throw their weight behind the Clarity Act, warning that they risked losing votes from key demographics such as young men, blacks and Latinos. Democratic lawmakers have been reluctant to support the bill amid ethical concerns over President Donald Trump‘s ties to the cryptocurrency industry.
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Novogratz’s remarks came before the Senate Banking Committee on May 14 voted 15-9 largely along party lines to advance the bill to the full Senate.
“A real moment for American competitiveness,” Novogratz said in an X post following the vote, lauding Sens. Ruben Gallego (D-AZ) and Angela Alsobrooks (D-MD) for crossing party lines to vote to advance the bill.
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