Sources close to the White House have continued to push for progress on the crypto bill despite setbacks. This also comes after reports that the government was ready to pull its support for the legislation due to the consistent stalling.
Trump’s Advisor Calls for Compromise on Crypto Market Bill Structure
The executive director of the President’s Council of Advisors for Digital Assets, Patrick Witt, shared that concessions have to be made for the progress of the legislation. He urged industry leaders to take advantage of the current momentum of the crypto-friendly government.
“Do we take advantage of the opportunity to pass a bill now, with a pro-crypto President, control of Congress, excellent regulators at the SEC and CFTC to write the rules, and a healthy industry?,” he said.
This call comes just days after the White House reportedly considered withdrawing its support for the crypto market bill. This was due to the issues raised by key industry firms.
Witt hit at Coinbase CEO Brian Armstrong for dropping his support for the legislation. He played around the CEO’s comment where he said “rather have no bill than a bad bill.” He stated he could only say that thanks to President Trump’s crypto-friendliness. Witt then confirmed that there would be a new bill for digital assets that it was just a matter of time.
“But let’s not kid ourselves. There will be a crypto market structure bill, it’s a question of when, not if. Assuming a multi-trillion dollar industry will continue to operate indefinitely without a comprehensive regulatory framework is pure fantasy”
Trump’s advisor ended his statement saying the CLARITY Act cannot be as exactly perfect as wanted. He encouraged policymakers and industry leaders to work on compromises on the crypto bill so it can be passed into law.
Why is this Legislation So Important?
The United States Senate has been working on laws on how the SEC and the CFTC would regulate crypto over the past couple of months. However, crypto leaders hit back at the policies regarding stablecoin yields and decentralized protocols
The committees had both delayed the markups for the legislation that was initially meant to be held last week due to the backlash. Meanwhile, Coinbase’s CEO said that he will negotiate with bank executives at Davos on the crypto market bill.
The banks had strongly maintained that crypto companies should not be able to offer a stablecoin yield product. Notably, the Senate Agriculture commitee have slated January 27 as the new date for its markup.