Chair of the Presidential Digital Asset Committee: Should seize the opportunity of pro-cryptocurrency government governance through the Market Structure Act

Odaily Planet Daily reports that Patrick Witt, Executive Director of the U.S. President’s Digital Asset Advisory Committee, stated on the X platform that a cryptocurrency market structure bill is inevitable. Relying on a multi-trillion-dollar industry to operate without a comprehensive regulatory framework is unrealistic. Patrick Witt pointed out that with the current support from the President, control of Congress, and regulatory oversight by the SEC and CFTC, the industry should seize the opportunity to pass legislation rather than wait for the Democratic Party to draft punitive laws after a future financial crisis. He emphasized that although the CLARITY Act may not be perfect, compromises are necessary to secure 60 votes in the Senate, and perfection should not hinder the pursuit of excellence.