Wu Shuo learned that Patrick Witt, director of the White House Cryptocurrency Committee, stated that the Cryptocurrency Market Structure Act is inevitable. Relying on a multi-trillion-dollar industry to operate for the long term without a systematic regulatory framework is unrealistic. Witt pointed out that we are currently in a rare favorable window—pro-cryptocurrency president, control of Congress, friendly regulatory environment from the SEC and CFTC, and overall industry health. If the opportunity is missed, future financial crises could lead to the Democratic Party introducing more punitive regulatory legislation (similar to Dodd-Frank). He admitted that the CLARITY Act is not perfect but emphasized that achieving 60 votes in the Senate requires compromise. He called for continued improvements to the bill and warned against letting "pursuit of perfection" become an obstacle to legislation.
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Wu Shuo learned that Patrick Witt, director of the White House Cryptocurrency Committee, stated that the Cryptocurrency Market Structure Act is inevitable. Relying on a multi-trillion-dollar industry to operate for the long term without a systematic regulatory framework is unrealistic. Witt pointed out that we are currently in a rare favorable window—pro-cryptocurrency president, control of Congress, friendly regulatory environment from the SEC and CFTC, and overall industry health. If the opportunity is missed, future financial crises could lead to the Democratic Party introducing more punitive regulatory legislation (similar to Dodd-Frank). He admitted that the CLARITY Act is not perfect but emphasized that achieving 60 votes in the Senate requires compromise. He called for continued improvements to the bill and warned against letting "pursuit of perfection" become an obstacle to legislation.