BlackRock’s Robert Mitchnick said the CLARITY Act is becoming less important to Bitcoin as strong ETF demand reinforces the asset’s regulatory standing, while DeFi and other crypto sectors still face major legal uncertainty.

Speaking with CNBC on Wednesday, Robert Mitchnick, BlackRock’s head of digital assets, said Bitcoin has reached a degree of regulatory acceptance that most other digital assets have not yet achieved. In his view, that makes the CLARITY Act more consequential for the wider crypto industry than for Bitcoin.

His comments came as U.S. spot Bitcoin ETFs continued their strong run of inflows. The funds attracted $232.1 million on Wednesday, marking an eighth consecutive day of net inflows and bringing the total for the streak to $2.8 billion, according to CoinGlass.

Mitchnick said Bitcoin should be viewed separately from decentralized finance (DeFi) and other more complicated areas of the crypto market. Bitcoin has developed a relatively established regulatory position, he said, whereas the rules governing DeFi and other digital-asset activities remain unsettled.

CLARITY Act News: Legislation Awaits Senate Action

The Digital Asset Market Clarity Act of 2025, known as H.R. 3633, passed the House by a 294-134 vote on July 17, 2025, congressional records show.

The Senate Banking, Housing, and Urban Affairs Committee approved a substitute amendment to the legislation on June 1, 2026. On Aug. 8, the Senate received motions for cloture and to move forward with consideration of the bill.

The legislation has not yet cleared the Senate. In its amended form, the bill would establish rules for the issuance and sale of digital commodities, with regulatory responsibilities divided between the Securities and Exchange Commission and the Commodity Futures Trading Commission.

Mitchnick said institutional investors are not making Bitcoin purchases on the assumption that additional legislation must first be enacted. Instead, he views further regulatory progress as a possible upside catalyst rather than a prerequisite for Bitcoin’s continued institutional adoption.

For DeFi and other sophisticated crypto sectors, the need for clearer regulation is more pressing. Their unresolved legal status continues to create uncertainty across the broader digital-asset market.

BlackRock Continues Expanding Crypto Products

Mitchnick said BlackRock’s IBIT remains attractive to institutions, financial advisers and individual investors. The firm has expanded its digital-asset lineup beyond Bitcoin by offering Ethereum exposure through both staking and non-staking products.

BlackRock also introduced a Bitcoin premium-income product over the summer, adding another option for investors seeking crypto-related exposure.

Stablecoins are another area where the firm sees potential beyond cryptocurrency trading. Mitchnick said BlackRock is exploring applications in cross-border payments and capital markets as the Genesis Act moves toward implementation.

Bitcoin Strength Reflects Broader Market Trends

According to Mitchnick, Bitcoin’s recent rally even as stocks weakened was driven by factors specific to the crypto market rather than simply by movements in equities.

He pointed to continued Bitcoin fund inflows and the debasement trade, as well as concerns surrounding elevated global debt and fiscal deficits. He also said younger investors are increasingly turning to Bitcoin instead of gold when seeking a store of value.

SoSoValue data shows U.S. spot Bitcoin ETFs have accumulated $54.6 billion in net inflows, with combined net assets reaching $98.6 billion.

The figures underscore Bitcoin’s growing institutional foothold. Against this backdrop, Mitchnick sees the CLARITY Act as less critical to Bitcoin’s current regulatory and investment narrative, while clearer rules could prove far more important for DeFi and other unsettled areas of the crypto market.