Galaxy Digital's CLARITY Act Set to Advance in September; Deepens Partnerships with BNY Mellon and Morgan Stanley

According to Foresight News, Galaxy Digital CEO Mike Novogratz said at the Q2 earnings call that the CLARITY Act is expected to advance in September, with compromise provisions from Republican Senator Tillis and Democratic Senator Gallego. While progress before the recess is unlikely, Novogratz noted that even if the bill does not pass, the SEC and CFTC chairs have committed to expediting direct crypto regulatory rules. Galaxy closed a multi-year partnership with BNY Mellon in Q2, serving as a design partner to develop its digital asset infrastructure, including staking support for its digital asset custody platform.

Morgan Stanley Wealth Management has also selected Galaxy to provide staking services for its new digital asset ETP, with a new referral program allowing clients to borrow digital assets from Galaxy in exchange for equivalent spot crypto ETP shares. In product developments, Galaxy launched an OTC prediction market, an on-chain lending rate product called GOFR, and Galaxy Curator, an institutional vault management product integrated with Fireblocks that already serves over 100 institutional clients.