Imperfect Legislation is Better Than No Legislation
Michael Novogratz, CEO of Galaxy, is making a strong case for advancing U.S. crypto legislation—even if it's not perfect. 'So what if it’s not ideal?' he argues. 'We can fix it later. The priority is to give the industry clear rules and stop operating in regulatory limbo.'
Stablecoin Rewards at the Heart of Debate
The main roadblock in recent talks has been the treatment of stablecoin yield programs. Regulators worry about consumer risk and financial system exposure, while industry players see these incentives as essential for adoption. Novogratz expects a middle ground will emerge, even if it leans more toward regulatory caution than innovation freedom.
Diverging Views Within the Industry
Not everyone agrees with this pragmatic approach. Brian Armstrong, CEO of Coinbase, has publicly criticized the current draft, warning it could stifle competition and drive innovation overseas. 'No bill is better than a bad bill,' he stated, highlighting growing tensions between regulatory compliance and business viability.
Lawmakers Continue Outreach
Despite disagreements, momentum continues. Senior Democratic staff from the Senate Agriculture and Banking Committees are scheduling calls with crypto executives to refine technical details. These discussions aim to build bipartisan support and potentially set the stage for a vote before year-end.
- Progressive regulation beats prolonged uncertainty
- Stablecoin yield remains a key sticking point
- Industry must balance innovation with oversight
- Ongoing dialogue may lead to年底前 breakthrough
While differences persist, there's growing recognition that some regulation is better than none. The path forward may not be perfect—but for many, it's the only way to move ahead.