- Scott Bessent stated that the CLARITY Act must get across the finish line.
- Crypto firms are positioning themselves to explore a clearer regulatory environment.
- XRP features prominently among Bitwise’s potential DeFi Vault products.
The CLARITY Act is gaining momentum, with crypto community members expecting a development that could encourage more participation within the industry.
Senate to Step Up CLARITY Act Passage
Users became more optimistic about the bill’s passage after U.S. Treasury Secretary Scott Bessent categorically stated that the CLARITY Act must get across the finish line. According to Bessent, “it is impossible to proceed without clear rules of the road.” In the meantime, pro-crypto senator Cynthia Lummis has stated that the Senate majority leader has committed to carving out calendar time for the CLARITY Act’s markup.
Bitwise is Preparing for the New Crypto Era
In the meantime, top crypto firms are positioning themselves to explore opportunities within the sector, particularly after the regulatory framework has become clearer. According to Bitwise Portfolio Manager Jonathan Man, his company is racing to the starting line of a world of new opportunities, with several new products they can introduce into the market.
Focusing on DeFi vaults, Man noted that his company is approaching new products like any other type of business, paying attention to safety and market risk. According to him, they are building several safeguards against digital asset volatility and preserving the principles of the assets deposited into Bitwise’s vaults.
Bitwise Customers are Demanding XRP-Type Yields
Considering XRP, Man hinted about Bitwise’s approach toward the cryptocurrency as part of its DeFi vault. According to him, Bitwise listens to what customers want before building solutions that address those needs. Meanwhile, he noted that customers are already demanding XRP-type yields from Bitwise, and the company will develop products to meet those requests.
It is important to highlight XRP’s encroachment into mainstream finance alongside traditional assets, such as Gold, which Bitwise is also interested in exploring through a Gold-based DeFi vault.
Typically, the growing trend of XRP adoption in the mainstream, alongside technical developments in the Ripple ecosystem, boosts the cryptocurrency’s bullish appeal. Many crypto users see cryptocurrency as a near-term product, given its application across the global financial sector amid upcoming regulatory clarity.
Related: Senator Lummis Urges CLARITY Act Passage as Industry Voices Warn of Bank Control
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