Galaxy's Michael Novogratz urges passage of US crypto bill as Coinbase raises major objections

Michael Novogratz, CEO of Galaxy, said the US crypto market-structure bill should advance even if it is imperfect, arguing that issues can be adjusted over time. Coinbase CEO Brian Armstrong has withdrawn support from the latest Senate Banking Committee draft, warning it could restrict tokenized equities, DeFi and stablecoin rewards. Senate Banking and Agriculture Committee representatives are expected to hold a call with industry executives as the Crypto Fear & Greed Index slid 11 points to a neutral 50 on Friday.