According to PANews, U.S. President Donald Trump's newly appointed cryptocurrency affairs leader, Patrick Witt, has expressed his commitment to advancing the nation's cryptocurrency policy. Witt aims to continue the efforts of his predecessor, Bo Hines, by urging lawmakers to finalize the U.S. cryptocurrency policy and implement new stablecoin legislation. Two weeks ago, the U.S. government released a strategic report on the matter, and Witt emphasized that efforts are ongoing to push forward various initiatives.
Witt outlined three primary objectives: Senate market structure legislation, rapid implementation of the GENIUS stablecoin law, and the establishment of a federal cryptocurrency reserve. Regarding Senate legislation, Witt noted significant improvements in the draft bill released by the Banking Committee last week, with positive feedback received. Efforts are underway to gather support from Democratic senators to secure the 60 votes needed for passage. Although the August deadline was missed, the White House continues to apply pressure.
Witt's office maintains regular communication with the two drafting committees, with the Banking Committee having already released its draft, while the Agriculture Committee is slightly behind. Once both committees complete their legislative processes, gather feedback, and conduct votes, the bill will proceed to the Senate for final approval, requiring strong bipartisan support. Witt believes the Senate bill should facilitate smooth approval by the House of Representatives.