Patrick Witt, Executive Director of the President’s Council of Advisors for Digital Assets, discussed the ongoing push for the crypto legislation and the federal government’s management of Bitcoin during a Yahoo Finance interview earlier today, stressing the need for regulatory clarity and institutional engagement.
Witt explained that the House passed its version of the Clarity Act last year, and the Senate is drafting its own amendments.
Sections of the bill addressing the Commodity Futures Trading Commission (CFTC) have cleared the Agriculture Committee, while portions covering the Securities and Exchange Commission (SEC) remain in the Senate Banking Committee. A markup scheduled for January was postponed, and Witt said discussions are underway to resolve outstanding issues.
“We are taking it so seriously,” he noted, emphasizing the need for compromise on concerns such as stablecoin yields and deposit flight.
“We’ve taken it so seriously,” he said, “It’s why we’ve hosted the different interested stakeholders here at the White House, and we’re going to continue to stay at the table and encourage them to find a compromise on this issue.”
Crypto held by the U.S. government
While the Clarity Act focuses on regulatory clarity, Witt highlighted the government’s Bitcoin holdings as a separate but critical priority.
Following an executive order, agencies halted uncontrolled liquidation of digital assets, preventing potential losses that “could have been tens of billions of dollars.”
He said efforts are underway to centralize oversight, ensure proper accounting of wallets holding Bitcoin and other digital assets, and explore ways to increase the government’s holdings in a budget-neutral manner.
Witt pointed to existing legislation from Senator Cynthia Lummis and a forthcoming House bill from Representative Begich, which would formalize authority over government digital assets.
“Ultimately, if Congress decides, we could add to that stockpile with outright purchases,” he said, noting that such acquisitions would require appropriations approval.
Witt spent some time in the interview stressing the broader implications for U.S. leadership in digital finance. Centralizing asset management safeguards public resources while positioning the United States to engage more strategically in Bitcoin markets.
“There are trillions of dollars in institutional capital on the sidelines waiting to get into this space,” Witt said via X regarding the interview.
Witt also noted that improved regulatory clarity under the Clarity Act allows both banks and crypto firms to operate with confidence, creating opportunities for innovation and institutional participation.
He emphasized that banks and crypto companies are moving toward collaboration. “There’s tremendous opportunity for the JPMorgans of the world to engage in crypto activities,” he said.
With committee reconciliation and Senate floor time still pending, Witt signaled a sense of urgency.
“We’ve got to get this done,” he said, framing crypto legislation and government Bitcoin oversight as complementary steps to secure U.S. influence in crypto.
Source: https://bitcoinmagazine.com/news/white-house-trillions-waiting-crypto
