Jun 22, 2026, 8:58 p.m.
2 min read
Latest developments: Edelman argues investor sentiment and industry fundamentals are moving in opposite directions.
- Bitcoin ETF investors have pulled billions from funds in recent days, while market fears have risen amid concerns about Mt. Gox wallet movements and regulatory uncertainty, Edelman said.
- Debate around the CLARITY Act has added to uncertainty, with lawmakers including Sen. Bernie Sanders and Sen. Elizabeth Warren pushing for additional provisions related to crypto oversight, according to Edelman.
- The result is a market focused on negative headlines even as major financial institutions continue expanding crypto-related initiatives.
- Edelman joined CoinDesk's Jennifer Sanasie on Public Keys.
The contrast: Wall Street firms are increasing their involvement despite weak market sentiment.
- BlackRock, JPMorgan, Morgan Stanley, Franklin Templeton, Fidelity, State Street and Invesco are all advancing tokenization efforts, Edelman said.
- Tokenization is expanding beyond crypto assets into equities, cash and ETFs, according to Edelman.
- Institutional investors are showing growing interest in crypto exposure, with many firms planning first-time allocations or increasing existing positions, he said.
Worth watching: The fate of the CLARITY Act could shape crypto markets in the months ahead.
- Edelman said passage of the bill would likely be viewed as a major catalyst because it would provide clearer regulatory rules for institutional investors.
- Failure or delays could trigger a short-term negative market reaction as investors reassess expectations for regulatory progress.
- He said political developments ahead of the midterm elections will also influence crypto policy momentum.
Reading between the lines: Crypto’s political coalition is showing signs of strain.
- Edelman said disagreements between crypto advocates and the banking industry have become more pronounced during the CLARITY Act debate.
- Stablecoin yield discussions initially drove some of the conflict, but Edelman said the larger issue now centers on proposed ethics restrictions involving crypto trading by government officials.
- The outcome of those debates could determine whether the industry maintains its recent political influence.
What comes next: Edelman remains bullish on Bitcoin and blockchain infrastructure over the long term.
- He said Bitcoin could still finish the year strongly, though regulatory outcomes will heavily influence near-term performance.
- Ethereum and Solana remain central to the tokenization and smart-contract ecosystem, he said.
- Institutions remain focused on short-term career risk rather than long-term portfolio opportunities, a dynamic Edelman believes will change as more firms enter the market.
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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