BlackRock Downplays Clarity Act's Impact on Bitcoin

BlackRock's head of digital assets Robert Mitchnick has downplayed the importance of the CLARITY Act for Bitcoin. According to him, Bitcoin's regulatory acceptance is already at a level that most other digital assets can only dream of.

In an interview with CNBC, Mitchnick noted that institutional investors are not banking on further legislation as part of their base case for investing in Bitcoin.

The CLARITY Act, which aims to establish a system of regulation for the offer and sale of digital commodities by the Securities and Exchange Commission and the Commodity Futures Trading Commission, has not yet passed the Senate. However, Mitchnick emphasized that regulatory progress would be potential upside rather than a requirement for Bitcoin.

Mitchnick's comments came as US spot Bitcoin exchange-traded funds pulled in $232.1M on Wednesday, extending an eight-day inflow streak to $2.8Bn, according to CoinGlass.