White House Advisor Says Bitcoin Clarity Act Progress Key to Unlocking Trillions in Institutional Capital

Patrick Witt, Executive Director of the President's Council of Advisors for Digital Assets, said Tuesday that regulatory clarity and stronger oversight are crucial for unlocking trillions of dollars in sidelined institutional capital as the White House accelerates Bitcoin legislation work, Yahoo Finance reports. The House passed its version of the Clarity Act last year, while the Senate negotiates amendments on stablecoin yields and provisions involving the Commodity Futures Trading Commission and Securities and Exchange Commission. Witt added that an executive order halted uncontrolled digital asset liquidations across federal agencies, potentially avoiding losses that could have reached tens of billions of dollars, and that officials are centralizing Bitcoin oversight, improving wallet accounting and examining budget neutral approaches to increase government holdings. He cited draft legislation from Cynthia Lummis and Representative Begich on potential direct Bitcoin purchases with appropriations approval.