New White House cryptocurrency advisor Patrick Witt calls market structure bill a top priority

PANews reported on September 9th that according to CoinDesk, Patrick Witt, newly appointed US President Trump's cryptocurrency czar, stated in an interview that he will take over the baton from Bo Hines and urge lawmakers to finalize US cryptocurrency policy and implement new stablecoin laws. Two weeks after the US government released a related strategic report, Witt stated that "work will not stop and all initiatives are being fully implemented." He outlined three top priorities: Senate market structure legislation, swift implementation of the GENIUS stablecoin law, and the establishment of a federal cryptocurrency reserve.

Regarding the Senate legislation, Witt stated that the draft bill released by the Banking Committee last week showed significant improvements and received positive feedback. The bill is currently being reviewed by Democrats to secure 60 votes for passage. Although the August deadline has not been met, the White House is maintaining pressure. His office is in regular communication with both drafting committees. The Banking Committee has released its draft, while the Agriculture Committee is slightly behind. Once the two committees complete the legislation, solicit comments, and vote, the bill will proceed to the Senate for final review, which requires strong bipartisan support. Witt believes the Senate bill should be easily approved by the House.