Search results for Michael Novogratz
Crypto
Clarity bill fails, reigniting digital asset tax controversy
This week’s key issue in digital assets was the Clarity bill, which failed to clear a U.S. Senate cloture vote and pushed bitcoin down into the $76,000 range. Unresolved disputes included stablecoin interest payments, whether developers and infrastructure providers fall under money-transmitter rules, and ethics rules tied to President Donald Trump’s crypto business. In South Korea, debate revived over the government’s plan to start taxing digital assets in 2027. Markets also revisited quantum-computing risks and tokenisation investment moves.
Crypto
Michael Novogratz says Clarity Act not over, could reach Senate floor
Expectations are rising again that the U.S. crypto market structure bill known as the Clarity Act could advance to a Senate vote despite repeated obstacles. Galaxy Digital CEO Michael Novogratz said negotiations continued over the weekend and he believes the bill could reach the Senate floor. He flagged government ethics language as a key remaining hurdle. A procedural vote is scheduled for Sept. 15, ahead of limited legislative time before midterm elections.
Crypto
Coinbase CEO wealth down more than 15 trillion won in a year
Coinbase CEO Brian Armstrong has fallen out of the world’s top 500 rich list as the crypto market slump continues. His wealth dropped to $7.4 billion from $17.7 billion a year earlier, wiping out more than 15 trillion won. Reports cited by Cryptopolitan said Coinbase shares have fallen more than 50 percent since bitcoin peaked at $126,000 in October. JPMorgan cut its Coinbase price target, citing weaker crypto markets and slower stablecoin issuance.