Momentum is building behind President Donald Trump’s push to make the U.S. 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. The act seeks to establish a regulatory framework for cryptocurrency. It previously received bipartisan support in the House but stalled in the Senate amid concerns over its treatment of stablecoin yield.
After delays, the bill is now gaining momentum, with Sen. Thom Tillis, R-N.C., indicating it could soon advance to a markup in the Senate.
While stopping short of 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 on 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 all while stablecoins have been growing,” he said.
“In fact, some of the bigger banks in the world have actually seen deposits come into the bank.”
He pointed to Customers Bank, which he said was a “much smaller” institution before working with crypto firms, and noted periods of deposit growth as it expanded into the space.
“I think there’s a lot of opportunity here for the banks that sort of get in on this early and actually embrace crypto, embrace stablecoins,” he added. “We’re really just talking about a digital dollar here, and what we’re trying to do is democratize yield.”
South Carolina Sen. Tim Scott previously told FOX Business he hopes to hold a markup of the bill this month and bring the CLARITY Act to the Senate floor by June or July.
“That means the average person in the country will be able to keep more of their money in their pocket,” Scott said. “America will be the crypto capital of the world.”