Pass crypto bill now or face harsh Democratic regulation, warns White House adviser

Patrick Witt, Executive Secretary of the White House Digital Asset Advisory Committee, has urged for the swift passage of a crypto market structure bill before the Trump administration loses legislative momentum, The Block reported. He argued that the current pro-crypto environment under President Trump provides a unique window of opportunity. Witt stated that while the notion of having no law is better than a bad law is a privilege under the current administration, the passage of a market structure bill is inevitable. He stressed that the industry faces a choice: either pass the bill now or miss the opportunity and face the prospect of the Democratic Party enacting harsh, punitive regulations, similar to the Dodd-Frank Act, following a future financial crisis.