White House crypto adviser under President Donald Trump, Patrick Witt, urged bipartisan backing for a Senate crypto bill released by the Agriculture Committee today. The committee is preparing for the January 27 markup in Washington. The appeal followed the release of revised text that emerged after extended bipartisan talks failed.
Patrick Witt Pushes Bipartisan Backing for Crypto Bill
In an X post, the White House crypto adviser encouraged Democrats on the Senate Agriculture Committee to support the crypto legislation. This came as he noted that the Senate Agriculture market structure text closely resembles the House CLARITY Act.
CoinGape had reported earlier in the day that the Senate Agriculture Committee released its updated crypto market bill. However, as Chairman John Boozman revealed, they failed to get bipartisan support for the crypto bill ahead of the January 27 markup. Furthermore, no Democrats have publicly supported it yet. This includes Senator Cory Booker, who led Democratic negotiations for months.
Meanwhile, Witt remarked that the crypto bill was over 80% similar to the House version. That House bill previously gained support from 17 Democrats on the Agriculture Committee.
The White House crypto adviser also said several changes reflected concessions requested by Senator Cory Booker. He added those revisions aimed to broaden bipartisan appeal. He also credited Chairman John Boozman for maintaining transparency during negotiations.
According to Witt, the House CLARITY Act earned backing from nearly 40 percent of House Democrats. He specifically named Representatives Nancy Pelosi, Pete Aguilar, and Ted Lieu.
Commenting on current developments, crypto journalist Eleanor Terrett noted that Booker’s team has told Politico that he will keep working with Boozman. That leaves open the possibility of a potential bipartisan support.
Reactions To The Legislation
Chief Legal Officer of the top crypto exchange, Coinbase, Paul Grewal, said in an X post that there is still work to be done following the release of the Senate Agriculture Committee’s crypto bill. However, he remarked that there is a strong foundation here for both Republicans and Democrats to build on.
He further thanked Chairman Boozman for taking a constructive step in response to Trump’s call to make the U.S. the crypto capital of the world. Ji Hun Kim of the Crypto Council for Innovation called the release an important step.
He cited clearer consumer protections and regulatory clarity. Analyst NekoZ noted that granting the CFTC greater authority could reduce confusion and clarify enforcement. Meanwhile, the founder of the Satoshi Radio Podcast, Bart Mol, criticized the bill’s complexity and predicted delays and loopholes.
It remains to be seen if the crypto will gain bipartisan support during the January 27 markup. On the other hand, it is worth noting that the Senate Banking Committee’s CLARITY Act is facing further setbacks, with the markup of the bill unlikely until late next month.
During his Davos speech yesterday, Trump noted that Congress was currently working on the market structure bill and that he hoped to sign it soon. However, there is no clear timeline for when the crypto bill could reach the president’s desk amid these delays.
Source: https://coingape.com/trump-crypto-adviser-urges-bipartisan-support-after-senate-committee-unveils-partisan-crypto-bill/
