Patrick Witt says 'Let's Not Let Perfect Be the Enemy of Good' in Stablecoin Standoff

Summary

Patrick Witt, Executive Director of the President's Council of Advisors on Digital Assets, discusses the White House crypto meeting and the stalled market structure bill. He frames the bill as the 'crown jewel' for crypto regulation, addresses stablecoin yield and bank-crypto convergence, and outlines the administration's red lines on ethics provisions. He also declines to disclose U.S. government Bitcoin or crypto holdings.

• Patrick Witt describes a productive White House crypto meeting with areas of agreement and disagreement.
• The market structure bill is viewed as the 'crown jewel' final piece for crypto regulation.
• Stablecoin yield on centralized exchanges remains a key sticking point in negotiations.
• Witt argues stablecoin adoption can be a win-win for banks, crypto companies, and community banks.
• The White House wants to broker a compromise and could advance the bill before midterms.
• Ethics provisions targeting the president or family are described as red lines.
• Witt declines to disclose how much Bitcoin or other crypto the U.S. government holds.