What Is Holding Back Institutional Bitcoin Adoption?

The short answer: Regulation, according to Ron Biscardi. The co-founder and CEO of iConnections, which runs capital introduction events for fund managers and institutional investors, told The Pomp Podcast that the lack of a clear U.S. rulebook for crypto is "the number one issue right now" keeping pensions, endowments and sovereign wealth funds from making large bitcoin and crypto allocations. That is his read of the investors he meets. As a matter of fact, the main U.S. crypto market structure bill, the CLARITY Act, passed the House in July 2025 but stalled in the Senate in September 2026.

Drawing on The Pomp Podcast, hosted by Anthony Pompliano (anthonypompliano.com), with guest Ron Biscardi, co-founder and CEO of iConnections (episode released November 6, 2026).

Ron said big allocators "dabble" in crypto with small slices of their portfolios to get familiar with it, and crypto funds get plenty of meetings at his events. What he does not hear, he said, are stories of those investors writing billion-dollar checks. In his view, most of the capital in crypto funds that have reached scale comes from family offices and individuals, not pension funds, foundations, endowments or sovereign wealth funds.

He compared markets to sports: "you can't have a football game with no referees on the field." His point is that the U.S. public markets work in part because rules protect investors, and that a portfolio manager at a sovereign wealth fund or a multi-billion-dollar endowment needs similar guardrails before putting large sums at risk.

The Digital Asset Market Clarity Act (H.R.3633) passed the House 294-134 on July 17, 2025. On Sept. 15, 2026, a Senate cloture vote on the motion to proceed to the bill failed 49-50, short of the 60 votes needed. That was a procedural vote, not a vote on passage, and the bill has not advanced since. After the Nov. 3 midterms, CNBC reported that Democrats won control of Congress, which adds uncertainty about the bill's path. Ron said many expected the Trump administration to make more progress on crypto rules, and "it hasn't happened."

Less than it was, Ron said. Five years ago, he said, there was a lack of information and understanding. He recalled that at a 2022 iConnections event, 16 or 17 digital asset funds got about 800 meetings among them, mostly from investors trying to get up to speed. Those figures are Ron's recollection of his own events. Today, he said, investors are waiting for guardrails, not education.

Ron said the recent Binance news "is not doing the industry any favors." Pomp noted that retail users kept moving money onto Binance after it covered customer losses, but Ron said an institution that sees a hack headline finds it "terrifying," because a portfolio manager must answer to an investment committee, a chief investment officer and a board. He said he could not think of an equivalent theft at a major mainstream firm. That is his perspective, not a claim that traditional financial institutions are immune to cyber theft. For more on the hack itself, see What Does the Binance Hack Mean for Bitcoin?

Ron predicts a flood of new money: "you would see a massive influx of institutional money come into this asset class." He added that if rules arrive, he thinks the asset class would "absolutely explode." That is a forecast, not a certainty. Some institutions already get bitcoin exposure through spot ETFs; for that side of the market, see Is the Crypto ETF Boom Over?

iConnections CEO Ron Biscardi says the biggest barrier is the lack of a clear U.S. regulatory framework for crypto. Large allocators want guardrails before they make big commitments.

No. The House passed H.R.3633 in July 2025, but a Senate cloture vote on the motion to proceed failed 49-50 on Sept. 15, 2026, and the bill has not advanced since.

Ron Biscardi says big institutions dabble with small allocations, but he does not hear of them writing billion-dollar checks to crypto funds. That is his view from his events.

Ron Biscardi expects a massive influx of institutional money if the U.S. sets clear rules. That is a forecast, not a certainty.

Ron Biscardi said a hack headline is terrifying for an institution because portfolio managers must answer to investment committees and boards.

Last updated: November 7, 2026

The Pomp Podcast is hosted by Anthony Pompliano and covers the future of business, finance and technology. The show features Pomp's conversations with founders, investors and economists about bitcoin, markets, AI and the economy. Follow The Pomp Podcast on X.

Get notified for every new Pomp Podcast episode.

Subscribe for free to learn alongside Anthony Pompliano.

This article reflects the opinions of the guests and host as shared on The Pomp Podcast. It is guest opinion, not investment advice. Do your own research before making any investment decision.