Galaxy CEO warns US crypto legislation at risk if Clarity Act stalls in Senate vote

CryptoBriefing Galaxy Digital CEO Mike Novogratz has expressed concerns over the future of U.S. crypto legislation, contingent upon the upcoming Senate vote on the Clarity Act. Novogratz stated that if the Act fails to progress, it could result in a prolonged absence of U.S. crypto regulations, potentially driving more of the industry offshore. This procedural vote requires 60 votes to advance the bill, which has already passed the House but remains uncertain in the Senate. The outcome of this vote is pivotal, as it will impact the likelihood of the Clarity Act being signed into law by the end of 2026. Current prediction market data suggests a significant decrease in confidence regarding the Clarity Act’s passage. The probability of the Act being signed into law by January 1, 2027, has dropped from 28% to 18.5% in the past 24 hours. This reflects mounting skepticism among market participants, potentially spurred by Novogratz’s remarks and the legislative uncertainty in the Senate. The Clarity Act is seen as crucial for establishing a structured regulatory framework for the U.S. crypto industry, and its failure could prolong regulatory ambiguity. Key Takeaways Novogratz’s comments s...