Galaxy Digital Holdings Ltd. (NASDAQ:GLXY) secured a major regulatory win on Monday as the New York State Department of Financial Services granted the firm a BitLicense and Money Transmission License.



<h2>Why The License Matters</h2>



The license will expand Galaxy's ability to serve institutional crypto clients in one of the industry's most tightly regulated markets.



The approval allows GalaxyOne Prime NY to offer regulated digital asset trading and custody services to institutions across New York, including registered investment advisors, hedge funds and family offices.



&#34;New York is home to the deepest pool of institutional capital in the country, and digital assets are no longer sitting at the edge of those allocations,&#34; said CEO Mike Novogratz.



The announcement comes as Washington enters what analysts describe as a make-or-break period for crypto market structure legislation.



New York is widely viewed as one of the hardest jurisdictions for crypto firms to enter due to strict NYDFS oversight. The approval expands Galaxy's global regulatory footprint to more than 50 licenses.



<h2>The CLARITY Act Timeline</h2>



Galaxy Head of Research Alex Thorn outlined an aggressive timeline for the Senate's proposed CLARITY Act, warning lawmakers likely have only a narrow summer window to push the bill through Congress before the August recess.



Senate Banking and Agriculture Committee versions of the bill still need reconciliation. 



Senate Majority Leader John Thune (R-SD) must allocate roughly a full week of Senate floor time for debate. The legislation likely needs to reach the Senate floor by July 13 to stay on track for passage this year.



Thorn said the current working timeline could see Senate reconciliation completed in early June. The senate floor consideration likely to begin by mid-June with the final Senate passage by late June. 



While the House reconciliation could be finalized in July, Presidential signature will potential arrive during the week of Aug. 3.



Image: Shutterstock

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Galaxy Digital Holdings Ltd. has received a New York BitLicense and Money Transmission License from the NYDFS, enabling the firm to expand its regulated crypto trading and custody services for institutional clients. This regulatory win allows GalaxyOne Prime NY to serve a broader range of institutional clients in New York, a key market for digital assets. The approval also enhances Galaxy's global regulatory presence, now totaling over 50 licenses.

Galaxy Lands Major Regulatory Win, Granted Money Transmission License