White House Executive Director Patrick Vitt stated that trillions of dollars are poised to enter the market through investments in Bitcoin and other cryptocurrencies, contingent upon regulatory clarity. In an interview, he revealed that the US Congress is actively working on a comprehensive market structure bill aimed at defining the regulatory framework and promoting institutional investment in the crypto sector. Last year, the House approved its version of the Clarity Act, while the Senate is currently amending it. Sections related to the Commodity Futures Trading Commission (CFTC) have been approved by the Agriculture Committee, whereas parts concerning the Securities and Exchange Commission (SEC) are under review by the Senate Banking Committee. Although a markup meeting was postponed in January, discussions continue to resolve outstanding issues.
Vitt emphasized that the White House has engaged with various stakeholders to foster consensus, particularly addressing concerns about stablecoins’ yields and deposits. He noted that this legislation will enhance opportunities for crypto development in the United States and encourage collaboration between banks and crypto companies. Additionally, the White House prioritizes oversight of government-held Bitcoin reserves. According to Vitt, an executive order halted uncontrolled sales of digital assets, preventing losses worth billions of dollars. Efforts are underway to improve asset monitoring and increase holdings, pending Congressional approval. These initiatives aim to strengthen the US government’s leadership in digital finance and refine its strategy in global crypto markets. Vitt underscored that regulatory clarity will enable institutional investors to enter the crypto market with confidence, a positive development for the industry.
Source: bitcoinmagazine
