Patrick Witt, executive director of the President’s Council of Advisors for Digital Assets, discussed the continued push for crypto legislation and the federal government’s handling of Bitcoin in an interview with Yahoo Finance earlier today, emphasizing the need for regulatory clarity and institutional commitment.
Witt explained that the House passed its version of the Clarity Act last year and the Senate is drafting its own amendments.
Sections of the bill dealing with the Commodity Futures Trading Commission (CFTC) were approved by the Agriculture Committee, while portions covering the Securities and Exchange Commission (SEC) remain in the Senate Banking Committee. A markup scheduled for January was postponed and Witt said discussions were underway to resolve outstanding issues.
“We take this very seriously,” he noted, emphasizing the need for compromise on concerns such as stable coin yields and deposit leakage.
“We took this very seriously,” he said. “That’s why we have welcomed the various interested stakeholders here to the White House, and we will continue to stay at the table and encourage them to find compromise on this issue.”
Crypto owned by the US government
While the Clarity Act focuses on regulatory clarity, Witt emphasized that the government’s Bitcoin holdings are a separate but crucial priority.
Following an executive order, the agencies halted the uncontrolled liquidation of digital assets, avoiding potential losses that “could have amounted to tens of billions of dollars.”
He said efforts were underway to centralize oversight, ensure proper accounting of wallets containing Bitcoin and other digital assets, and explore ways to increase government holdings in a budget-neutral manner.
Witt pointed to existing legislation from Sen. Cynthia Lummis and an upcoming House bill from Rep. Begich, which would formalize authority over government digital assets.
“Ultimately, if Congress decides, we could supplement this stockpile with direct purchases,” he said, noting that such acquisitions would require appropriations approval.
Witt spent some time during the interview highlighting the broader implications for U.S. leadership in digital finance. Centralizing asset management protects public resources while allowing the United States to engage more strategically in Bitcoin markets.
“There are billions of dollars of institutional capital waiting to come into this space,” Witt said via X of the interview.
Witt also noted that greater regulatory clarity under the Clarity Act allows banks and crypto companies to operate with confidence, creating opportunities for innovation and institutional participation.
He highlighted that banks and crypto companies are moving towards collaboration. “There is a tremendous opportunity for JPMorgans around the world to engage in crypto activities,” he said.
With committee reconciliation and Senate floor time still pending, Witt signaled a sense of urgency.
“We have to get this done,” he said, describing crypto legislation and government oversight of Bitcoin as complementary steps to securing U.S. influence in crypto.
