New White House Crypto Adviser Patrick Witt Calls Market Structure Bill Basic Priority
President Donald Trump’s New crypto malePatrick Witt, took the baton from his predecessor Bo Hines from going to lawmakers to end the removal of US crypto policies and push regulators to carry out the new Stablecoin law, he said in an interview with CoinDesk.
Working under the crypto of administration Czar, David Sacks, Witt is the new point of contact for crypto objects in the White House, taken after a brief tenure of his predecessor, Hines, who has continued working for giant stablecoin Tether. While Hines saw Congress’ Stablecoin’s efforts to attend and was able to attend the White House ceremony to cement it, he left shortly, leaving a long crypto list for Witt.
“There is no drop off here,” said Witt, who raised the work last month, just two weeks after the administration released the broad Strategy approach for dealing with US crypto policy. “We keep the metal pedal with all the different initiatives in front of the legislative and the interagency actions recommended in the report.”
Witt will speak at CoinDesk policy and regulation event in Washington, DC on Wednesday.
In his first interview since becoming executive director of the president of the council of council in digital assets, he said his three leading priorities were the Senate’s work on market structural law, obtaining a rapid Stablecoin law enforcement known as the guide and establishment of national change for US Stablecoins (Genius) Act and set up a federal crypto stockpile.
Of Senate legislative work, Saw last week when a draft bill appeared from the Senate Banking CommitteeWitt said this latest version has shown “significant improvement.”
“Usually, the acceptance has been positive,” he said, adding that those who work here are looking for input from the Democrats, as some of them have to ride to pass the 60-boted margin there. “You know, our interest here is to make sure we listen to all the parties in space, that we work to get something moving the ball forward,” said the former college quarterback for the Yale Bulldog.
Although the effort missed the August Deadline at first Trump set, Witt said the White House was “keeping the pressure from this side.”
He said his office was in “regular touch” with two committees working on the bill. Banking panel has shifted its draft draft, but the Senate Agriculture Committee will ride. Both of them have to end the law, open their members’ input efforts and vote to pass them on the Senate floor before the Senate can get a final vote – where it will need the heavy support of the bipartisan to advance. And Witt said the market structure bill written by the Senate must be something that the House of Representative could approve without further raid, even the house Own version has already approvedThe Digital Asset Market Clarity Act.
“We are confident that what is coming out of the Senate will eventually become a product that the Chamber can also support,” he said, what happened to the Genius Act – a bill approved by the House of Representative with a broad, Bipartisan Bipartisan.
To date, one of the most resolved overall objections spoken by democratic congress is Trump’s personal stake in the industry, which has been reported to have gained the president and his family billion -billion dollars in income, investment acquisitions and equity stakes. That is conflict-of-interest argument is a witt – just as he presented – removed as illegal.
“It’s like saying any private citizen is conflicted when we strengthen the American economy,” Witt argued. “It’s a win for America. It doesn’t win for any particular group of individuals.”
Among the President Most high -profile initiatives is his order calling for the formation of a so -called bitcoin strategic reserve that will hold the Bitcoin that the government sees As a long -term investment. The US Treasury Department is washing on how to establish a Bitcoin stockpile and a separate reserve of all other types of cryptocurrency.
“This is a top priority for me, personally, for this office, for the administration,” Witt said. He added that it was not there yet, because the task was “presenting some legal questions in the novel that we just had to solve.” He said the White House was aimed at backing the legislation from Congress, so his office was working to learn how to get to a “passable” bill that establishes a law reserve.
And he has no new details to share on how the administration can maintain that the growth of Bitcoin’s funding beyond the government’s seizures will start the reserve, only that the administration reflects “some creative ways we can get into accumulation of existing authorities.”
Compared to Hines, Witt has a deeper well of policy and executive-branch experience to draw. He spent three years in McKinsey & Co, and served at the Person’s Management Office at Trump’s first presidency and several hours in the Defense Department, where he was a deputy undersecretary. The background of that insider could help him help federal regulators toward a Stablecoin law enforcement that Trump has already signed, he said.
“I know what’s from agencies,” he said. “So I wish I could bring a good perspective on what to achieve there and how to approach it in the right way.”
But the Senate’s ongoing response to The Clarity Act is the most urgent item on the agenda.
“Genius is a huge win, but as David Sacks wants, it addresses a relatively small part of the general crypto market,” Witt said. “This bill defines the rest – call it 80% of it. So this one is huge, and we want to make sure we don’t drop the ball, that we can do it.”
Read more: Who is Patrick Witt, President Trump’s next senior adviser in Crypto?
