Democrats To Abruptly Reverse Party Stance on Crypto To Avoid Election Disaster: Mike Novogratz

The CEO of the crypto investment firm Galaxy Digital says Democrats are changing their tune on crypto as the 2024 US Presidential election approaches.

In a new interview with CNBC’s Squawk Box, Mike Novogratz says the Biden administration is listening to the markets and shifting its standpoint on crypto.

“But assuming, you know, the market is right, and the market is usually pretty smart, it feels like someone at the Biden White House made a call and said, guys, we can’t be the party against crypto anymore.

I think that’s a seismic shift. If those things actually happen, prices are going to be much higher than here.”

When asked to clarify the meaning of his speculation, Novogratz doubled down, saying the Democrats don’t want crypto to cost them the election.

“I am sensing a widespread shift amongst Democrats that don’t want to let crypto be a big election issue. The crypto super PACs (Political Action Committees) have raised over $150 million, and they have targeted Sherrod Brown and Jon Tester, elections that matter dearly to Democrats in swing states, in vulnerable Senate seats.

Crypto should be bipartisan. And quite frankly, for our industry to do well, it needs to be bipartisan. And it has been really Elizabeth Warren and a small group of people that have held the Democrats hostage on this. What the Senate broadly said, Chuck Schumer being the Senate leader who voted to overturn against Elizabeth, was, enough, enough. Like, this is becoming dumb.

And so I’m sensing a real shift.”

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