Novogratz Urges Passage of Crypto Market Structure Bill... "Hesitate and Lose Hegemony"

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A warning has emerged that the Democratic Party's internal delay strategy regarding 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 Democrats to immediately pass the US cryptocurrency market structure bill. Novogratz, known as a lifelong Democrat, referenced his experiences in wrestling and the cockpit, emphasizing that hesitation comes at a cost.

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 the Democrats, my party, are taking in crypto 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 US cryptocurrency market structure bill is closer to passing than ever before. Armstrong believes the bill would 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 US to maintain its lead in the race to build the next generation of financial infrastructure.

However, large-scale 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 an 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 frontends, and targeting tokenization-related provisions. DEF is currently urging supporters to pressure senators to oppose these amendments.

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