Asked Tuesday at the ETF Investor Forum in New York whether the results could affect BlackRock’s product launches or investment flows, Robert Mitchnick, the firm’s head of digital assets, said, “Not really, to be honest.” His comments came before the election results were known.
Mitchnick argued that bitcoin and ether already have much of the regulatory clarity needed for investment products, even as broader crypto legislation remains stalled in Congress.
“The more you drive adoption, the more you drive real value-add use cases, the more it becomes a bipartisan issue,” he said.
That optimism contrasts with the industry’s deteriorating prospects in Washington. The CLARITY Act, a sweeping proposal to establish federal rules for digital assets, failed to advance in September even when Republicans controlled both chambers of Congress. With Democrats set to take control in January, some industry executives now believe the bill has little chance of passing in its current form.
Others see an opening for a revised bipartisan agreement. More than 70 House Democrats previously supported the legislation, though disputes over stablecoin rewards, consumer protections and President Donald Trump’s cryptocurrency interests remain obstacles
A global industry
Grayscale, however, argues that U.S. legislation is only one factor driving the industry’s expansion.
