World Liberty Financial founder Zach Witkoff joins 'Mornings with Maria' to discuss Senate crypto legislation, the rise of stablecoins and how President Donald Trump's agenda aims to make the US a global digital financial leader.
Momentum is building after President Donald Trump's push to make the US the “crypto capital of the world,” as lawmakers work to advance key legislation that could reshape the industry.
“We clearly fully support the president's agenda to make America the crypto capital of the world,” said Zach Witkoff, CEO of World Liberty Financial.
Witkoff, the son of Trump's special envoy Steve Witkoff, discussed the FIRST Act with FOX Business earlier Wednesday.
The act seeks to establish a regulatory framework for cryptocurrency. It previously received bipartisan support in the House but stalled in the Senate amid concerns over its handling of stablecoin yields.
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President Donald Trump waves to the media after departing Air Force One at Miami International Airport on April 11 in Miami, Fla. (Photos by Tasos Katopodis/Getty Images)
After the delay, this bill is gaining momentum, as Sen. Thom Tillis, RN.C., shows that you can soon move on to the fields of the Senate.
While he stopped short of predicting whether the move will ultimately succeed this time around, Witkoff told “Mornings with Maria” that there are still many “participants at the table” as negotiations continue.
He also pushed back on concerns from traditional banks about crypto incentives, arguing that the growth of stablecoins has not led to a large outflow of deposits.
“You haven't seen it [deposit flight] at all [over the past year]and all this is happening while stablecoins are growing,” he said.
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In this photo illustration, the Coinbase logo is displayed on an iPhone screen on June 06, 2023 in San Anselmo, Calif. (Justin Sullivan/Getty Images/Getty Images)
“In fact, some of the biggest banks in the world have seen deposits in the bank.”
He referred to Customers Bank, which he said was a “very small” institution before working with crypto companies, and noted the times of deposit growth as it grew locally.
“I think there's a lot of opportunity here for banks to get into this early and accept crypto, accept stablecoins,” he added.
“We're really just talking about the digital dollar here, and what we're trying to do is democratize the harvest.”
South Carolina Sen. Tim Scott previously told FOX Business that hopes to hold a bill mark this month and bring the CLARIFICATION Act to the Senate floor in June or July.
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“That means that the average person in the country will be able to keep more of his money in his pocket,” said Scott last Thursday.
“America will be the crypto capital of the world.”
