Patrick Witt: “If you chase a perfect crypto bill, you’ll miss the window… We need to opt for a practical rollout”
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Summary
- Patrick Witt said it is urgent to establish a comprehensive regulatory framework for the crypto industry, which has grown to a multi-trillion-dollar scale.
- He said that with President Trump’s election, Republicans’ control of Congress, and a favorable environment at the SEC and CFTC, now is the best time to design a crypto market structure bill.
- Witt said the CLARITY Act is not perfect but is a practical alternative, and stressed that lawmakers should not miss the legislative window by chasing perfection.
The executive director of the White House Digital Assets Advisory Committee underscored the need to move quickly to legislate a crypto market structure bill. He argued that the current moment—while a pro-crypto administration and congressional alignment remain in place—is the best window to establish a regulatory framework.
Patrick Witt, executive director of the White House Digital Assets Advisory Committee, wrote on X on the 21st (local time) that “It’s true that no bill is better than a bad bill, but a crypto market structure bill is going to be made eventually. The question is when.” He said it is unrealistic to expect the crypto industry—now grown to a multi-trillion-dollar scale—to persist without a comprehensive regulatory framework.
Witt pointed to President Trump’s election, the formation of an administration with a pro-crypto stance, Republicans’ control of Congress, and a favorable regulatory environment at the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), saying, “This is the most advantageous time to design the rules.” With a healthy industry environment holding up, he said the industry and policymakers should work together to institutionalize the rules.
He also warned that missing this opportunity could open the door to tougher, Democrat-led regulation after a future financial crisis. “If we don’t act now, punitive regulation like the Dodd-Frank Act (a sweeping reform law to prevent a repeat of the 2008 financial crisis) could follow,” Witt said, stressing that the future regulatory environment could be far less favorable than today.
On the ‘CLARITY Act,’ the crypto market structure bill currently under discussion, he said it is a practical alternative even if not every provision is perfect. He added that a certain level of compromise is inevitable to pass the Senate, and that pursuing perfection should not cause lawmakers to miss the chance to legislate at all.
“Perfect should not become the enemy of good,” Witt said, emphasizing that it is time for the crypto industry to choose a realistic move into the regulated mainstream rather than remain in a regulatory vacuum.
