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Galaxy Identifies Potential Congressional Scrutiny of Trump-Linked Crypto Businesses
Galaxy, a cryptocurrency firm, identified potential congressional scrutiny of Trump-linked crypto businesses after Democrats won both chambers of Congress. The firm expected tougher oversight and federal regulators continuing to develop digital asset rules. Galaxy’s head of firmwide research, Alex Thorn, outlined risks for crypto legislation and industry oversight, with U.S. Senator Elizabeth Warren expected to chair the Senate Banking Committee and Rep. Maxine Waters the House Financial Services Committee leader. The leadership changes would put both lawmakers atop panels overseeing financial regulation. Galaxy stated they do not expect substantial movement in Congress on key digital assets legislation, citing the stalled CLARITY Act, a bill to establish federal oversight and operating rules for crypto markets.