White House Rejects Targeted Provisions in Crypto Legislation

The Executive Director of the U.S. Presidential Digital Asset Advisory Committee, Patrick Witt, has stated that the White House will not accept provisions in crypto market structure legislation that directly target U.S. President Donald Trump or his family's digital asset business. According to Odaily, these provisions have been clearly marked as a 'red line.' Witt emphasized that previous anti-corruption or ethical clauses proposed by some Democratic lawmakers are 'completely unacceptable,' stressing that the core of the bill is crypto market regulation, not ethical scrutiny. He expressed hope that Democrats would propose a more 'reasonable and negotiable' version to advance the legislation. Witt also highlighted that the White House's current priority is to facilitate a bill that can be submitted for presidential approval, seeking a compromise between the banking and crypto industries regarding stablecoin yield differences. However, he acknowledged that the Democratic push to restrict government senior officials and their families from participating in the crypto industry remains a significant obstacle to legislative progress.