White House Says Trillions Ready to Enter Bitcoin as Crypto Bill Advances

TLDR

• White House says trillions in capital await crypto clarity
• Senate reviews Clarity Act changes on SEC and CFTC roles
• US halts Bitcoin asset sales to centralize oversight
• Lawmakers consider budget neutral Bitcoin acquisitions

The White House said trillions of dollars in capital are ready to enter Bitcoin and crypto markets. Officials are working to pass a market structure bill to provide regulatory clarity.

Patrick Witt, Executive Director of the President’s Council of Advisors for Digital Assets, shared these remarks in a Yahoo Finance interview. He said progress on crypto legislation and federal Bitcoin oversight remains a priority.

Senate Advances Market Structure Bill

Witt said the House passed its version of the Clarity Act last year. The Senate is now preparing its own amendments to the bill.

Sections related to the Commodity Futures Trading Commission have cleared the Senate Agriculture Committee. However, provisions tied to the Securities and Exchange Commission remain under review in the Senate Banking Committee. A planned January markup was delayed, and talks continue to resolve pending matters.

“We are taking it so seriously,” Witt said. He noted that discussions include issues such as stablecoin yields and deposit flight concerns.

He added that the White House has hosted stakeholders for discussions. “We’re going to continue to stay at the table and encourage them to find a compromise on this issue,” he said.

Witt stated that regulatory clarity could allow banks and crypto firms to operate with greater certainty. He said this framework may help attract institutional capital that remains on the sidelines.

“There are trillions of dollars in institutional capital on the sidelines waiting to get into this space,” Witt said on X, referring to the interview.

Federal Oversight of Government Bitcoin Holdings

Witt also addressed the federal government’s digital asset holdings. He said an executive order halted uncontrolled liquidation of seized or held digital assets.

According to Witt, this action prevented potential losses that “could have been tens of billions of dollars.” Agencies are now working to centralize oversight and improve accounting practices.

He said officials are identifying wallets that hold Bitcoin and other digital assets. The goal is to ensure proper tracking and management of these assets.

Lawmakers are also reviewing proposals to formalize authority over federal digital assets. Witt pointed to legislation from Senator Cynthia Lummis and a forthcoming House bill from Representative Begich.

“Ultimately, if Congress decides, we could add to that stockpile with outright purchases,” Witt said. He noted that such purchases would require congressional appropriations approval.

Institutional Engagement and Banking Sector Role

Witt said banks and crypto firms are moving toward collaboration. He stated that traditional financial institutions may expand their participation if clear rules are established.

“There’s tremendous opportunity for the JPMorgans of the world to engage in crypto activities,” he said. He explained that clearer guidelines could reduce uncertainty and support broader market activity.

The White House views crypto legislation and digital asset oversight as related efforts. Lawmakers are still working through committee processes and Senate floor scheduling.

Witt said urgency remains as negotiations continue. “We’ve got to get this done,” he stated, referring to the pending legislation.

Officials maintain that coordinated regulation and centralized asset management could position the United States more effectively within Bitcoin and crypto markets. Discussions in Congress are ongoing, and further amendments are expected before final votes.

The post White House Says Trillions Ready to Enter Bitcoin as Crypto Bill Advances appeared first on CoinCentral.