BlockBeats news, on January 17, reported by The Block, Galaxy CEO Michael Novogratz stated that a comprehensive bill to regulate the cryptocurrency industry may be finalized in the coming weeks. He pointed out that the bill does not need to be perfect to move forward.
Just hours before the Senate Banking Committee's scheduled hearing on the revised cryptocurrency market structure bill, the negotiation process fell into chaos last week. The controversy particularly focused on the handling of stablecoin rewards. Banking groups have sharply criticized the GENIUS Act passed this summer - although the law prohibits issuers from directly paying interest to stablecoin holders, it does not prevent third-party platforms like Coinbase from offering rewards. Many in the cryptocurrency industry believe that the banking sector is trying to stifle competition and pointed out that the issue of stablecoin yields had already been debated in the summer.
"I truly believe that all parties will reach a compromise on this," Novogratz said in an interview with CNBC on Friday morning, "This may not be ideal for the crypto industry, but it is acceptable. I have always emphasized: we must push the bill through so that the industry can continue to develop. Even if it's not perfect, so what? We can improve it later."