"White House Advisor Anticipates 'Trillions' in Capital Flowing into Crypto, Urges Swift Passage of CLARITY Act"

Regulatory Uncertainty in Crypto: White House official Patrick Witt highlighted that trillions of dollars in institutional capital are waiting to enter the cryptocurrency market, pending clear regulations. Investors are eager for legal certainty before deploying funds.

Legislative Push for CLARITY Act: Witt urged lawmakers to pass the Digital Asset Market CLARITY Act before the midterm elections in November, emphasizing the need for regulatory clarity to facilitate market entry.

House Meetings on Stablecoin Rewards: Recent House meetings have discussed limits on stablecoin rewards, indicating a potential compromise is being sought among lawmakers, crypto firms, and major banks.

Importance of Timely Legislation: U.S. Treasury Secretary Scott Bessen emphasized the urgency of passing the CLARITY Act, aiming for it to reach the President's desk by spring, which he believes would benefit the overall crypto community.