New Delhi, Feb. 14 -- As midterm elections in the US loom, a White House adviser highlighted the urgent need for cryptocurrency legislation, such as the Clarity Act, as regulatory ambiguity is stifling market growth and innovation.

"Let's not let any moss grow here," urged Patrick Witt, executive director of the President's Council of Advisors for Digital Assets said on Yahoo Finance's Opening Bid.

Witt cautioned that the opportunity to pass the crucial Clarity Act is "rapidly closing" as attention on Capitol Hill shifts to the upcoming midterms, which tend to dominate legislative efforts.

Amid uncertainty in the industry and market volatility, the lack of clear regulatory guidelines remains unresolved, leaving investors in ambiguity, ...