Patrick Witt: "Democrats’ coin ethics proposal targeting Trump went too far"

Doohyun Hwang

Summary

Witt said Democrats’ push for ethics restrictions on public officials regarding virtual assets (cryptocurrencies) is an excessive measure that targets President Trump’s family.
He warned that the Democratic plan would in effect impose a near-total ban on public officials and their spouses holding and using digital assets, potentially resulting in sweeping regulation of the market.
He said the White House will seek compromise with Democrats by proposing greater transparency and modernization of ethics guidelines in negotiations over the digital asset market structure bill (the Clarity Act).

Patrick Witt, executive director of the White House Digital Assets Advisory Council, strongly criticized Democrats’ push for stricter ethics rules for public officials tied to virtual asset (cryptocurrency) legislation, calling it an "excessive measure that crossed the line."

On the 21st (local time), Witt made the remarks at the ETHDenver event in Denver, Colorado, when asked about negotiations over the market structure bill for digital assets (the Clarity Act). He said the White House had engaged in open dialogue, proposing revisions to virtual asset disclosure rules at a commonsense level that would apply to all public officials, including the president, in order to address the opposition’s concerns over the Trump family’s involvement in virtual asset businesses.

However, Witt said the demands presented by the Democratic negotiating team not only explicitly targeted President Trump’s family but also crossed an unacceptable "red line" by affecting even lawmakers’ spouses. "Under the Democrats’ proposal, even Senate Majority Leader Chuck Schumer’s spouse wouldn’t be able to buy a $5 sandwich using a payment stablecoin," he said, arguing that an outright ban on holding and using digital assets is overly broad regulation.

In addition, the opposition’s draft language is reported to include provisions that would bar public officials’ spouses or adult children from holding senior roles at for-profit and nonprofit organizations altogether. "This effectively strips the livelihoods of countless lawmakers’ families," Witt said. "It raises questions about how sincere the proposals Democrats have put forward so far really are," he added.

Still, he left room for compromise to advance legislation. "The White House has continued to put forward serious proposals to boost transparency and modernize ethics guidelines in line with new technologies of the digital age," Witt said. "We will remain at the negotiating table and work with reasonable people within the Democratic Party to find a compromise that can address these concerns," he emphasized.