White House Crypto Advisor Demands Urgent Market Structure Legislation Now
Washington's top digital asset advisor just dropped a bombshell—calling for immediate congressional action to build a crypto regulatory framework from the ground up.
The Regulatory Vacuum
For years, the industry's operated in a gray zone—a patchwork of agency guidance and enforcement actions that leaves everyone guessing. The advisor's push cuts through the bureaucratic fog, demanding lawmakers stop debating and start drafting.
Why the Sudden Urgency?
Global competitors aren't waiting. Jurisdictions from the EU to Asia are rolling out clear rules, attracting talent and capital. The U.S. risks getting left behind—or worse, becoming the home for bad actors everyone else has banned. It's a classic Washington move: ignore a problem until it's a crisis, then scramble for a solution.
The Stakes for Main Street
Without a market structure bill, everyday investors face a Wild West. No consistent custody rules, no standardized disclosures, no clear lines between a security and a commodity. It's the perfect setup for the next big blow-up—and the subsequent taxpayer-funded hearing about 'what went wrong.'
The Path Forward
The call isn't for more studies or committees. It's for a legislative text that defines the playing field, assigns regulator roles, and provides certainty. The alternative? More innovation moving offshore, more regulatory arbitrage, and more headlines about crypto chaos.
Washington has a choice: build the rails for the next financial system or keep watching from the sidelines—clutching their pearls and their outdated rulebooks. Given their track record with, say, budget deadlines, don't hold your breath for a speedy resolution.
Crypto Market Bill Delays – Disagreements Over Details
Patrick Witt’s comments follow the recent legislative slowdown, mainly due to disagreements over a specific section of the bill.
Notably, cryptocurrency exchange Coinbase withdrew its support for the legislation’s then-current version, labeling specific provisions as “problematic” and potentially harmful to innovation.
“This version WOULD be materially worse than the current status quo. We’d rather have no bill than a bad bill. Hopefully, we can all get to a better draft,” wrote Brian Armstrong in a post last week.
The current version of the bill prompted the Senate Banking Committee to postpone its markup hearing. Chairman Tim Scott noted that the Committee did not set a new date.
The delay leaves crypto industry waiting again for a clear regulatory path that could replace years of enforcement with a proper framework.
Besides, Senate Agriculture Committee Chairman John Boozman said that lawmakers need more time to finalize remaining policy details and ensure broad congressional support.
