White House · Donald Trump · CLARITY Act · Democrats · CoinDesk
Witt's primary role was to get the Clarity Act into law
Compiled by KHAO Editorial — aggregated from 2 sources. See llms.txt for citation guidance.
✓ KHAO Verified
At both events, he also accused banking lobbyists of helping tank the bill over the competitive concerns that stablecoin rewards would compete with interest-bearing bank deposits.
Key facts
- As stablecoins move into regulated finance, APAC is becoming a key proving ground
- The Clarity Act negotiations were never able to get over the ethics debate, unrelated to its core market structure provisions, that it needed to address the crypto conflicts of interest of senior
- The president agreed to not one but two different ethics provisions that were unprecedented in nature," Witt said
- That is without a doubt the most unprecedented, far-reaching, stringent, restrictive ethics provision that has ever been agreed to by any president," Witt said
Summary
The White House's crypto adviser, Patrick Witt, defended Wednesday against accusations that President Donald Trump's own crypto ties contributed to last week's defeat of the Digital Asset Market Clarity Act, going gloves-off in Washington appearances this week, including an event in which he argued the president's cooperation was unprecedented. "Democrats made it a political issue," Witt said at the Financial Markets Quality conference hosted at Georgetown University, suggesting that Democratic senators were disingenuous in light of the major housing bill that recently passed without similarly delving into government ethics, despite Trump's status as a real-estate developer. The Clarity Act negotiations were never able to get over the ethics debate, unrelated to its core market structure provisions, that it needed to address the crypto conflicts of interest of senior government officials. "The president agreed to not one but two different ethics provisions that were unprecedented in nature," Witt said.