Trump adviser warns time running out on crypto bill
Semafor sat down with Patrick Witt, executive director of Trump’s Council of Advisers on Digital Assets, as lawmakers prepare to consider the industry’s top legislative priority.
Patrick Witt, executive director of President Donald Trump's Council of Advisers on Digital Assets, warns that Congress may have only a brief window to pass a crypto bill before the end of the year. The proposal, which aims to split oversight of the crypto industry between the Securities and Exchange Commission and Commodity Futures Trading Commission, is facing opposition due to concerns about stablecoin yields and illicit finance.
The biggest holdup is how the measure will address Trump's potential profit from digital assets, a topic under active discussion among lawmakers. If the bill fails to pass, it could be months before Congress attempts to address the issue again, particularly if Democrats gain partial control of Congress following the midterm elections.
Witt believes there is a strong chance of passing the bill, with Republicans likely to secure the necessary votes. He also notes the possibility of amendments addressing yields and illicit finance, as well as the President's agreement to an ethics provision restricting federal officials' involvement in digital assets.
Written by urgent.news from Semafor's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
