US must pass crypto laws or China will benefit, says White House advisor

Patrick Witt, Chairman of the White House Crypto Advisory Committee, said on X (formerly Twitter) that the Chinese Communist Party (CCP) will be the biggest beneficiary if the U.S. fails to pass a comprehensive crypto regulatory framework, such as the Market Structure Act and the Clarity Act, and secure leadership in the sector. The Clarity Act is currently stalled in the U.S. Senate Banking Committee, though some expect it to pass the Senate in May.