Patrick Witt, the newly appointed executive director of the President’s Council of Advisers on Digital Assets, is prioritizing three key initiatives: passing the Senate’s crypto market structure bill, implementing the GENIUS stablecoin law, and establishing a federal crypto reserve.
Witt is actively working to get the Senate's crypto market structure bill passed. He believes the current draft is a significant improvement and has been well-received by senators. To secure the 60 votes needed for passage, Witt and his team are collaborating with Democratic senators to address their concerns and gain bipartisan support.
Witt is also urging the Senate Banking and Agriculture committees to finalize the bill quickly and move it to the Senate floor. He expects the final Senate version to be closely aligned with the Digital Asset Market Clarity Act already passed by the House of Representatives. Although the bill missed its August deadline, the White House is pushing for its swift completion, as it addresses about 80% of the crypto market not covered by the GENIUS Act.
Witt also wants to see the GENIUS Act quickly implemented. He plans to work with federal agencies to ensure the law, which protects consumers and supports innovation, is enforced consistently across all government departments.
Additionally, Witt and the White House are in discussions with Congress to create a Bitcoin Strategic Reserve. This reserve would hold government-seized Bitcoin and potentially other digital currencies. They are working on the legal framework for this initiative, acknowledging that it involves complex legal questions.
While some banking groups like the Bank Policy Institute (BPI) have raised concerns about the GENIUS Act, warning of a potential loophole where stablecoin issuers could partner with exchanges to offer interest, Witt maintains his focus is on creating laws that benefit everyone. The BPI argues that if the law doesn't also apply to affiliated services, it could destabilize traditional deposit markets.
September 2025, Cryptoniteuae