BlackRock’s Robert Mitchnick said the CLARITY Act is becoming less crucial to Bitcoin as institutional ETF demand accelerates, although regulatory uncertainty continues to surround DeFi and other crypto markets.
Robert Mitchnick, BlackRock’s head of digital assets, told CNBC on Wednesday that Bitcoin has already achieved a level of regulatory recognition that most other digital assets have yet to reach. As a result, he said the proposed CLARITY Act is more significant for the broader crypto industry than for Bitcoin itself.
His remarks came as U.S. spot Bitcoin ETFs continued to attract capital. The funds recorded $232.1 million in net inflows Wednesday, extending their winning streak to eight consecutive trading days and taking the total inflows during that period to $2.8 billion, according to CoinGlass.
Mitchnick pointed to a clear regulatory divide between Bitcoin and sectors such as decentralized finance (DeFi). While Bitcoin has gained greater acceptance among regulators and institutions, he said the legal framework for DeFi and other complex crypto activities remains unclear.
CLARITY Act News: Bill Remains Before the Senate
The Digital Asset Market Clarity Act of 2025, or H.R. 3633, passed the House of Representatives by a 294-134 vote on July 17, 2025, according to congressional records.
The Senate Banking, Housing, and Urban Affairs Committee advanced the bill with a substitute amendment on June 1, 2026. The Senate later received motions for cloture and to proceed with consideration of the legislation on Aug. 8, 2026.
The bill has yet to pass the Senate. As amended, it would establish a regulatory framework for the offering and sale of digital commodities, with oversight involving both the Securities and Exchange Commission and Commodity Futures Trading Commission.
For Bitcoin, Mitchnick said investors are not depending on additional legislation to justify institutional exposure. He described further regulatory progress as a potential positive catalyst rather than something Bitcoin needs to sustain its institutional appeal.
The situation is different for DeFi and other complex crypto sectors, where unresolved legal and regulatory issues remain a major concern. This gives Bitcoin a comparatively stronger position within the digital-asset market.
BlackRock Broadens Its Crypto Offerings
Mitchnick said BlackRock’s IBIT continues to attract institutional investors, financial advisers and individual investors. The firm has also expanded its digital-asset lineup with Ethereum products offering both staking and non-staking exposure.
During the summer, BlackRock also launched a Bitcoin premium-income product as it continued to broaden its crypto investment offerings.
The asset manager is also looking beyond trading applications for stablecoins. Mitchnick said potential use cases include cross-border payments and capital markets, with implementation of the Genesis Act approaching.
Bitcoin’s Rally Has Multiple Drivers
Mitchnick said Bitcoin’s recent gains amid weakness in equities reflect factors unique to the cryptocurrency rather than simply its correlation with stocks.
He cited strong Bitcoin-related fund flows and the broader debasement trade, while also pointing to concerns over global debt and government deficits. According to Mitchnick, younger investors are increasingly choosing Bitcoin over gold as a store of value.
SoSoValue data showed that U.S. spot Bitcoin ETFs have recorded $54.6 billion in cumulative net inflows, while total net assets stand at $98.6 billion.
With institutional demand continuing to grow, Mitchnick suggested that the CLARITY Act is less central to Bitcoin’s investment case. Instead, its biggest impact could be on DeFi and other crypto sectors that still lack clear regulatory rules.
