Galaxy Digital CEO Mike Novogratz Urges Removal of Senator Warren

Michael Novogratz, the founder of Galaxy Digital, expressed his opinion on Senator Elizabeth Warren’s stance against the cryptocurrency space on X.

The post comes in response to Warren’s announcement of additional support from her colleagues for the Digital Asset Anti-Money Laundering Act, a bipartisan bill aiming to address concerns about the use of cryptocurrencies in illegal activities, including money laundering and drug trafficking.

Novogratz Calls Warren A ‘Disingenuous Know-It-All’

Novogratz expressed his view that Senator Warren had shifted from someone with positive intentions to a “disingenuous know-it-all” primarily seeking attention.

He emphasized the need to replace populist figures with leaders who are committed to achieving tangible results, pointing out that the senator in question has not passed any bills.

It is sad that @ewarren who started her career with good intentions has morphed into a disingenuous know-it-all who uses any chance she gets to make a headline. We must throw out the populists and replace them with a group of leaders who want to get things done. Not a senator…

— Mike Novogratz (@novogratz) December 19, 2023

Although not explicitly directed at Warren, Novogratz’s tweet was prompted by her recent letter to Blockchain Association CEO Kristin Smith. In it, sent on Tuesday, Senator Warren took issue with a previous one from the Association, which, in collaboration with former national security officials, raised questions about their involvement in certain matters.

Senator Warren conveyed her concern, mentioning a troubling new report that the association and other crypto interests are utilizing a small army of former defense, national security, and law enforcement officials to influence bipartisan efforts in Congress and the Biden Administration regarding the role of cryptocurrency in financing terrorist organizations like Hamas.

In response, Senator Warren requested details on the identity and compensation of the former government officials collaborating with the Blockchain Association. Kristin Smith publicly endorsed this inquiry, affirming the Association’s commitment to reforming criticized legacy systems.

Five new Senators, including three members of the Senate Banking, Housing, and Urban Affairs Committee -Senators Raphael Warnock from Georgia, Laphonza Butler from California, and Chris Van Hollen from Maryland- have thrown their support behind the legislation.

The proposed bill, if approved, aims to address risks linked to cryptocurrencies by integrating digital assets into established anti-money laundering and counter-terrorism financing frameworks. This legislative move is seen as a step toward enhancing the regulatory landscape for cryptocurrencies.

Novogratz’s Opinion on Bitcoin ETFs

As the focus turns to spot Bitcoin ETFs, influential figures in the industry are offering their perspectives. Novogratz, in an interview with CNBC, shared his outlook on the likelihood of approval from the Securities and Exchange Commission (SEC).

According to him, he anticipates the SEC approving the ETFs before the January 10, 2024 deadline. He described this potential approval as “fuel to the fire,” alluding to the expected bullish market momentum that may follow the ETF approval.