White House Prioritizes Crypto Market Structure Bill and Stablecoin Regulation

The Biden administration is accelerating its cryptocurrency agenda under new leadership. Patrick Witt, the freshly appointed White House crypto envoy, has identified three key priorities: advancing the Senate's market structure bill, implementing the GENIUS Stablecoin Act, and establishing a strategic crypto reserve using seized assets.

Witt, who now heads the Presidential Council of Advisers on Digital Assets, emphasized there will be no regulatory pause. "We're keeping our foot on the gas," he stated, acknowledging some legislative delays while maintaining close coordination with congressional committees. The administration remains optimistic about House approval of the Senate's market framework, which WOULD complement the Digital Asset Market Clarity Act already passed by the lower chamber.

The GENIUS Act, now cleared for full implementation, aims to provide legal certainty for stablecoins while balancing consumer protection with innovation-friendly regulation. This legislative push comes as the administration seeks to formalize the U.S. position in the evolving digital asset landscape.