Momentum is building behind President Donald Trump’s efforts to make the United States the “crypto capital of the world”, as lawmakers work to advance key legislation that could reshape the industry.
“We obviously fully support the president’s agenda to make America the crypto capital of the world,” said Zach Witkoff, CEO of World Liberty Financial.
Witkoff, the son of Trump special envoy Steve Witkoff, discussed the CLARITY Act with FOX Business Wednesday morning.
The law aims to establish a regulatory framework for cryptocurrency. It previously received bipartisan support in the House but was stalled in the Senate due to concerns over its treatment of stable coin yield.
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President Donald Trump greets the media after exiting Air Force One at Miami International Airport April 11 in Miami, Florida. (Tasos Katopodis/Getty Images / Getty Images)
After delays, the bill is now gaining momentum, with Sen. Thom Tillis, R-N.C., indicating it could soon move to a markup in the Senate.
Without predicting whether the measure will ultimately pass this time, Witkoff told “Mornings with Maria” that there are still “a lot of stakeholders at the table” as negotiations continue.
He also pushed back against concerns from traditional banks over crypto incentives, arguing that the growth of stablecoins has not led to a mass exodus of deposits.
“You haven’t seen it [deposit flight] at all [over the past year]and that’s it while stablecoins have grown,” he said.
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In this photo illustration, the Coinbase logo is seen displayed on the screen of an iPhone on June 6, 2023 in San Anselmo, California. (Justin Sullivan/Getty Images/Getty Images)
“In fact, some of the largest banks in the world have actually seen deposits coming into the bank.”
He pointed to Customers Bank, which he said was a “much smaller” institution before working with crypto companies, and noted periods of deposit growth as it expanded into the space.
“I think there’s a lot of opportunity here for banks that get in there early and really embrace crypto, embrace stablecoins,” he added.
“We’re just talking about a digital dollar here, and what we’re trying to do is democratize the yield.”
South Carolina Sen. Tim Scott previously told FOX Business that he hope conduct a review of the bill this month and introduce the CLARITY Act to the Senate by June or July.
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“That means the average person in the country will be able to keep more of their money in their pocket,” Scott said last Thursday.
“America will be the crypto capital of the world”.