‘Compromises need to be made’: Trump’s crypto advisor urges quick passage of market structure bill
Trump's crypto advisor urged quick passage of the market structure bill, emphasizing compromise over waiting for a perfect version.Summary
Patrick Witt, executive director of the President's Council of Advisors for Digital Assets, is urging the swift passage of the crypto market structure bill while the current administration remains crypto-friendly. Witt warned that delaying could allow Democrats to pass punitive legislation following a future financial crisis, contrasting the current opportunity with the post-Dodd-Frank environment. This urgency comes amid delays caused by disagreements, notably Coinbase withdrawing support over concerns regarding tokenized equities, DeFi privacy, and stablecoin yield, which postponed a Senate Banking Committee markup. Witt stressed that while the CLARITY Act may not be perfect, compromises are necessary to secure the required 60 Senate votes, arguing that accepting a good bill now is better than facing a potentially worse Democratic version later. Industry stakeholders agree the bill is vital for regulatory certainty and resolving CFTC/SEC jurisdictional friction.
(Source：The Block)