BlackRock's Exec Says CLARITY Act Is 'Less Critical' for Bitcoin Other Cryptos

BlackRock’s (NYSE:BLK) head of digital assets Robert Mitchnick told CNBC Wednesday that the CLARITY Act is “less critical” for Bitcoin(CRYPTO: BTC) than for the rest of crypto.

What Mitchnick Said About Bitcoin and Regulation

Bitcoin has already achieved a level of regulatory acceptance that most other digital assets have not, acorrding to Mitchnik.

The CLARITY Act matters more for assets touching DeFi and other complex crypto categories, where the regulatory picture remains genuinely unsettled.

For Bitcoin specifically, he argued that institutional investors are not banking on further legislation as part of their base case and are treating any regulatory progress as potential upside rather than a requirement.

Why He Thinks Bitcoin Is Acting Like Gold Right Now

Mitchnick argued that Bitcoin’s rally while equities struggled last week reflects its distinct risk and return drivers rather than the old risk-on behavior that has confused markets at various points.

Investors concerned about global debt and deficits are increasingly drawn to Bitcoin, with younger demographics favoring it over gold for the same store-of-value role their parents’ generation used gold to fill.

“In the long run, that’s the narrative to bet on around Bitcoin,” he said.