Small Minority of Democrats Don’t Really Like Crypto Following FTX Debacle, Says Billionaire Mike Novogratz

Galaxy Digital chief executive and digital asset billionaire Mike Novogratz thinks crypto should be a bipartisan issue.

In a new interview with Fox Business, the billionaire discusses the new European Union’s newly passed legal framework for digital assets, arguing that the regulations aren’t perfect but serve as a “positive step” for the sector.

Novogratz then contrasts that recent development with the lack of regulatory progress in the United States.

“I think there’s a small minority in the Democratic Party, in the Biden Administration, it’s Gary Gensler, it’s Elizabeth Warren, it’s Sherrod Brown, it’s a little bit now Janet Yellen and Lael Brainard, because I think they worry about the dollar some, that really don’t like crypto.

And crypto should be bipartisan, this is not left or right, it’s become partisan in a large part because Sam Bankman-Fried had become such a public donor to President Biden and the Democrats, that everyone kind of feels stupid. He turned out to be a big fraud, he was close with the SEC (U.S. Securities and Exchange Commission), he was close with the CFTC (Commodity Futures Trading Commission).

I mean it’s ironic that [FTX] gave a ton of money to Republicans as well, but that’s not the narrative, and so Democrats have backed away, and this minority that doesn’t like crypto has filled that vacuum.”

Bankman-Fried, the former CEO of FTX, has been accused of conspiring to make over 300 illegal campaign donations, in addition to facing charges for allegedly defrauding customers and mishandling billions of dollars worth of their funds.

FTX first filed for bankruptcy in November after the exchange’s native asset collapsed and it was forced to halt customer withdrawals.

Reports surfaced in December that three Democratic campaign groups which received funding from Bankman-Fried were reportedly planning to return more than $1 million of the disgraced FTX founder’s political contributions.

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