Stablecoin

Patrick

Future

United

Galaxy

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 <p><span style="font-weight: 400">As </span><span style="font-weight: 400">reported</span><span style="font-weight: 400"> earlier by Coingape, Republican Congressman Patrick McHenry said their Democratic counterparts could not come to a compromise with respect to the Bill, creating a stalemate.</span></p>  
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 <h2 id="strong-mike-novogratz-shares-his-take-strong"><strong>Mike Novogratz Shares His Take</strong></h2> 
 <p><span style="font-weight: 400">According</span><span style="font-weight: 400"> to the billionaire investor and Galaxy Digital CEO, the Democrats might be shooting themselves in the foot for their attempts to block the stablecoin bill. McHenry has posited earlier that “Americans deserve clarity for payment stablecoins and there has been good faith, bipartisan work to deliver that clarity” but that Democrats are blocking the efforts made thus far.</span></p> 
 <p><span style="font-weight: 400">Noting importantly that the blockage is being done at the behest of the White House, <a rel="noopener noreferrer nofollow" title="Mike Novogratz" href="https://thebittimes.com/tag/mike-novogratz.html">Mike Novogratz</a> said <a rel="noopener noreferrer nofollow" title="Crypto Regulation" href="https://thebittimes.com/tag/crypto-regulation.html">Crypto Regulation</a>, including those involving <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a>s, should not have been treated as a partisan issue.</span></p> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">The democrats are shooting themselves in the foot! Crypto should NOT be a partisan issue. They will lose voters as a great deal of Americans believe in progress. https://t.co/fbq6cJvyDV</p>  
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  <p>— <a rel="noopener noreferrer nofollow" title="Mike Novogratz" href="https://thebittimes.com/tag/mike-novogratz.html">Mike Novogratz</a> (@novogratz) July 27, 2023</p> 
 </blockquote> 
 <p></p> 
 <p><span style="font-weight: 400">Novogratz echoes the sentiments of many other vocal industry stakeholders who believe the anti-crypto war can cost the Democrats their popularity at the very eve of an election year. Stating it categorically, Novogratz said Democrats “will lose voters as a great deal of Americans believe in progress,” a sentiment he shared considering the fact that the majority of investors in the nascent industry are millennials and Gen Zs.</span></p> 
 <p><span style="font-weight: 400">The blockage of the payment stablecoin bill came at the time when 6 Democratic members supported the broader crypto bill, marking a unique ambience in Congress.</span></p>  
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 <p><strong>Future of Crypto Regulation in the US</strong></p> 
 <p><span style="font-weight: 400">As far as <a rel="noopener noreferrer nofollow" title="Crypto Regulation" href="https://thebittimes.com/tag/crypto-regulation.html">Crypto Regulation</a> is concerned in the United States, there is a clear divide among regulators, politicians and industry stakeholders.</span></p> 
 <p><span style="font-weight: 400">While the industry sees the Commodity Futures Trading Commission (CFTC) as a pro-crypto regulator, the Securities and Exchange Commission (SEC) is considered a bad faith regulator that is </span><span style="font-weight: 400">exerting undue influence</span><span style="font-weight: 400"> through regulation by enforcement.</span></p> 
 <p><span style="font-weight: 400">Despite the differences, the general consensus is that the crypto space needs regulators and while American watchdogs may not want to trail their counterparts in Europe who have floated MiCA, the need to prevent FTX-like </span><span style="font-weight: 400">implosion</span><span style="font-weight: 400"> in the near term is considered a motivation that can help bring the desired change.</span></p> 
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Stablecoin Regulation: Mike Novogratz Says "Democrats are Shooting Themselves in the Foot"

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