White House Pushes Crypto Market Structure Bill Amid Stablecoin Yield Disputes
Trump adviser Patrick Witt rejects anti-corruption clauses targeting the president while aiming for bipartisan agreement on market regulation and stablecoin yield issues.
Patrick Witt, President Donald Trump’s crypto adviser, stated the White House will not accept a market structure bill containing ethics clauses aimed at Trump or his family’s digital asset businesses. He called Democrats’ anti-corruption proposals “completely unacceptable” and stressed that the bill’s focus should remain on regulating the crypto market. Witt is working to find a compromise on stablecoin yields between banks and the crypto sector, but restrictions on officials’ crypto involvement remain a key sticking point. The administration seeks a bipartisan, signable bill, but without consensus, it risks progressing on a Republican-only basis, jeopardizing Senate passage.
- Stablecoin: A cryptocurrency pegged to a stable asset, such as the U.S. dollar, to reduce price volatility.
- Yield: Earnings generated from holding an asset, often expressed as interest or percentage return.
- Crypto Market Structure Bill: Draft legislation intended to establish comprehensive regulations and governance frameworks for the U.S. cryptocurrency industry.