New Crypto Adviser Patrick Witt Identifies Market Structure Bill as Priority
Patrick Witt has been appointed as the new point of contact for cryptocurrency matters in the White House, succeeding Bo Hines. His main objectives include:
- Advocating for the Senate's market structure legislation
- Pushing for the swift implementation of the GENIUS Act, a stablecoin law
- Establishing a federal crypto stockpile
Witt emphasizes continuity in efforts to advance U.S. crypto policies, despite missing an initial August deadline. He noted improvements in the Senate's legislative draft and is focused on bipartisan support for successful passage.
Concerns about Trump's personal financial interests in crypto have been raised by some Democrats, which Witt dismissed as unfounded. The administration plans to create a Bitcoin Strategic Reserve, currently facing some legal challenges, with the aim to secure legislative backing.
Witt brings significant policy experience from previous roles, which may aid in implementing the new stablecoin law effectively. He highlighted the need for comprehensive legislation to address a large portion of the crypto market.