White House: Crypto Ethics Rules Must Apply to All

Summary

Patrick Witt, Executive Director of the President's Council of Advisors for Digital Assets, discussed U.S. crypto policy progress, including the Clarity Act, the ethics provisions, the Bitcoin reserve, and stablecoin regulation. He expressed confidence that the Clarity Act could be signed by July 4th and revealed the government has stopped selling seized Bitcoin, with a major reserve announcement coming soon.

• The Clarity Act has resolved most substantive issues and is approaching a Senate Banking Committee markup, targeting passage by July 4th.
• The White House is near a compromise on ethics provisions, insisting rules must be universally applicable and not target any one individual.
• An announcement on the U.S. Bitcoin reserve is expected in a few weeks; agencies have halted liquidations and are centralizing custody.
• Genius Act implementation is on track with five regulators issuing proposed rules and ambitious one-year timelines.
• Witt indicated that failure to pass the Clarity Act would be a missed U.S. leadership opportunity in global digital finance.