White House adviser frames Davos 2026 as tipping point for crypto normalization as Washington prepares legislation

Senior U.S. officials at Davos encountered an unexpected consensus among global business and policy leaders that digital tokens are moving from experiment to mainstream infrastructure, and a White House digital‑assets adviser presented that shift as validation of the administration’s strategy. The adviser described a Washington approach that seeks to fold crypto into established financial frameworks while carving space for innovation, and said the administration intends to translate diplomatic momentum into legislation. That effort is already procedural: the Senate Agriculture Committee has a market‑structure markup scheduled for January 29, 2026, while the Senate Banking Committee has postponed its session as negotiators work through technical disputes. Stablecoins loom largest as a political flashpoint—questions about deposit flows, interest‑bearing features and whether banks should shoulder backstop roles are central to bargaining. At the same time, the administration is encouraging interagency alignment, including planned SEC–CFTC coordination to reduce overlaps in oversight and provide clearer jurisdictional signals. Enforcement activity continues to complicate the picture: prosecutions and regulatory actions against creators of privacy and non‑custodial tools have prompted bipartisan interest in narrowly written statutory safe harbors for developers, but Judiciary Committee objections and shifting industry support have already derailed at least one high‑profile markup. Market participants are responding: some firms are pausing launches or revising roadmaps, while large banks are moving from pilots toward operational custody and institutional offerings, a trend reinforced by continued inflows into U.S. spot‑Bitcoin products. International contrasts matter—Europe’s MiCA and phased authorization paths are enabling more predictable product planning there, which is prompting some teams to concentrate EU operations while awaiting U.S. clarity. The White House is also mapping a follow‑on fiscal agenda that would tackle tax treatment and related budgeting issues after Congress resolves market‑structure rules. National‑security teams are monitoring reports of foreign seizures and other cross‑border enforcement actions involving crypto holdings, which could feed into export‑control‑style responses or coordination with allies. The adviser struck an optimistic tone that U.S. policy can shape global norms rather than merely follow them, but acknowledged that outcomes will depend on committee negotiations, legislative drafting and interagency tradeoffs. For industry, the message is twofold: regulatory clarity appears imminent but incomplete, and the shape of final statutes—particularly on stablecoins, custody definitions and developer protections—will determine who benefits most from normalization.