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White House Crypto Adviser Urges Democrats to Back Crypto Bill

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The White House crypto adviser Patrick Witt has asked Democrats on the Senate Agriculture Committee to support a new crypto market structure bill ahead of its January 27 markup. His appeal came after the committee released revised bill text following months of talks that failed to reach a bipartisan agreement.

Witt said the Senate bill is more than 80% similar to the House’s CLARITY Act, which previously gained support from several Democrats. He noted that the House version was backed by 17 Democrats on the Agriculture Committee and nearly 40% of House Democrats overall, including Nancy Pelosi, Pete Aguilar, and Ted Lieu.

Despite these similarities, the Senate Agriculture Committee, led by Chairman John Boozman, confirmed that no Democrats have publicly supported the bill so far. Senator Cory Booker, who led Democratic negotiations for months, has also not endorsed it.

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Senate Crypto Bill Draws Mixed Industry Reactions

However, crypto journalist Eleanor Terrett reported that Booker’s team said he will continue working with Boozman, leaving open the possibility of future bipartisan support. Witt said the revised bill includes changes requested by Booker to make it more appealing to Democrats. He also praised Boozman for being transparent during negotiations.

The bill received mixed reactions from the crypto industry. Coinbase Chief Legal Officer Paul Grewal said the bill is a good starting point but still needs work. Ji Hun Kim of the Crypto Council for Innovation said the bill is an important step toward clearer rules and better consumer protection.

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Others were more critical. Analyst NekoZ said giving the CFTC more authority could reduce regulatory confusion, while Bart Mol of the Satoshi Radio Podcast warned the bill is too complex and could lead to delays.

Meanwhile, a separate crypto bill from the Senate Banking Committee is also facing delays, with a markup unlikely until late next month. President Donald Trump recently said he hopes to sign a crypto market structure bill soon, but there is still no clear timeline for when any bill could become law.

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Tokenized US Treasury Market Surges by $1B Since Beginning of Year

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US Government, United States, Bonds, RWA, RWA Tokenization

The tokenized US Treasury market has surged by over $1 billion since the beginning of 2026, despite macroeconomic uncertainty and concerns over the US government’s growing national debt.

Tokenized US Treasurys are government debt instruments that are a form of real-world assets (RWAs) represented onchain by a token.

The market capitalization of tokenized Treasurys climbed to more than $10.8 billion at the time of writing from $8.9 billion on Jan. 1, according to data from RWA.xyz.

US Government, United States, Bonds, RWA, RWA Tokenization
The tokenized US Treasury market has grown to over $10.8 billion. Source: RWA.xyz.

The tokenized US Treasury market has surged 50x since 2024, according to data from Token Terminal, aided by the March 2024 debut of asset manager BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL), which now has a market cap of more than $1.2 billion.

Tokenized US Treasurys continued to surge despite a broad crypto market downturn that began in October 2025, rising US government debt levels and investor uncertainty about the macroeconomic outlook in 2026.

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US Government, United States, Bonds, RWA, RWA Tokenization
The World Uncertainty Index, an investor sentiment tracker, spiked to all-time highs in 2025. Source: FRED, Federal Reserve Bank of St. Louis

Related: Tokenized RWAs climb 13.5% despite $1T crypto market drawdown

The Depository Trust and Clearing Corporation to launch US Treasury tokenization service

The Depository Trust and Clearing Corporation (DTCC), which provides clearing and settlement services for global financial markets, announced plans in December 2025 to launch an asset tokenization service, beginning with US Treasurys.

DTCC will eventually expand the service to include a “broad spectrum” of assets, according CEO Frank La Salla. 

“Following the tokenization of US Treasurys on the Canton network, DTCC anticipates that exchange-traded funds (ETFs) and equities will come shortly thereafter,” La Salla said.

The DTCC is the largest clearinghouse in the world and settled $3.7 quadrillion in transaction volume in 2024, according to the company. 

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