A senior White House crypto advisor said the US Senate must move quickly to pass a crypto market structure bill while bipartisan deals are still possible.
“There will be a crypto market structure bill — it’s a question of when, not if,”
Patrick Witt said.
Witt said assuming a multi-trillion-dollar crypto industry can operate without a comprehensive regulatory framework is unrealistic.
Lawmakers are debating how regulatory authority should be split between the Securities and Exchange Commission and the Commodity Futures Trading Commission.
Some crypto lobbyists have criticised provisions they say are too restrictive on stablecoins and decentralised protocols.
Senate committees overseeing the bill delayed scheduled markups to build broader bipartisan support.
Witt criticised calls from industry leaders to abandon the legislation if it is imperfect.
“Let’s keep working to improve the product, recognising that compromises will need to be made in order to get 60 votes in the Senate,”
Patrick Witt said.
He urged lawmakers to act now while Republicans control Congress and the White House ahead of the midterm elections.
Witt warned that future legislation drafted under a different political balance could be more punitive for the crypto industry.