Galaxy Digital CEO Michael Novogratz warned that failure to advance the U.S. Clarity Act could leave crypto regulation stalled for an extended period and, in the worst case, effectively collapse the effort. He said that outcome would damage the United States and could accelerate the movement of crypto companies and the broader industry overseas. Novogratz said the digital and blockchain revolution would continue regardless, while the SEC (U.S. securities regulator) and CFTC (U.S. derivatives regulator) could spend the next two years establishing related rules and conditions for companies to launch businesses. Even with that work, he said long-term regulatory uncertainty would remain. Novogratz urged bipartisan senators to look beyond immediate interests and consider the crypto industry’s broader direction.