White House Executive Director: Trillions Are Waiting To Enter Bitcoin And Crypto, Working Hard on Market Structure Bill

Patrick Witt, Executive Director of the President’s Council of Advisors for Digital Assets, emphasized the urgency of passing crypto legislation, specifically the market structure bill, to unlock trillions of dollars in institutional capital currently on the sidelines. He noted that while the House passed its version of the Clarity Act, the Senate is still working on amendments, with sections related to the CFTC clearing one committee and SEC-related portions pending in the Senate Banking Committee. Witt stressed the administration's commitment to encouraging compromise on contentious issues like stablecoin yields. Separately, Witt addressed the management of U.S. government Bitcoin holdings, noting efforts to centralize oversight, ensure proper accounting, and explore budget-neutral ways to potentially increase these holdings, pending Congressional action. He concluded that achieving regulatory clarity through the bill is crucial for fostering innovation, enabling collaboration between banks and crypto firms, and securing U.S. leadership in digital finance.

(Source：Bitcoin Magazine)