BlockBeats news: On January 17, according to The Block, Galaxy CEO Michael Novogratz stated that a comprehensive bill to regulate the cryptocurrency industry could be finalized within the coming weeks. He emphasized that the bill does not need to be perfect in order to move forward.
Just hours before the scheduled hearing by the Senate Banking Committee on Thursday to revise and vote on the cryptocurrency market structure bill, the negotiation process fell into disarray last week. The controversy centered particularly on how rewards for stablecoins should be handled. Banking industry groups have sharply criticized the GENIUS Act passed this summer, which although prohibits issuers from directly paying interest to stablecoin holders, does not prevent third-party platforms like Coinbase from offering rewards. Many in the cryptocurrency industry believe the banking sector is trying to stifle competition, noting that the issue of stablecoin yields has already been debated in the summer.
"I do believe that all parties will reach a compromise on this," Novogratz said in an interview with CNBC on Friday morning. "It may not be ideal for the crypto industry, but it's acceptable. I've always emphasized that we must push the bill through to allow the industry to continue developing. Even if it's not perfect, what's the problem? We can refine it later."