White House to Speak with Law Enforcement Groups to Push the Clarity Act | CoinDesk Daily

**Jennifer Sanasie** (0:00)
New York Life puts its first fund on chain, and The White House pushes for market structure. This is CoinDesk Daily.
New York Life Investment Management is putting its first fund on the blockchain. The $807 billion arm of the life insurer is partnering with Centrifuge to launch a tokenized version of its US high-yield corporate bond strategy. The real-world asset market has now grown past $30 billion, and Citi projects it could hit $5.5 trillion by 2030 The White House is said to sit down with law enforcement groups to work through their objections to the market structure bill. The fight centers on a provision that shields software developers from being treated as money transmitters. Groups like the National Sheriffs Association argue it hands mixers and tumblers a blanket exemption from anti-money laundering rules. Senate Majority Leader John Thune is reportedly looking to bring the Clarity Act to the floor in the coming weeks, but it's going to need 60 votes to pass. And JP Morgan is expanding its Kinexis blockchain payments platform, adding five new currencies, including the Japanese yen, the Chinese renminbi and the Hong Kong dollar. That gives institutional clients eight currencies for round-the-clock blockchain-based settlement, skipping the delays of traditional cross-border banking. The platform has already processed more than $4 trillion in transactions, with daily volume topping $7 billion.
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