🚨 Breaking: The White House crypto council—everyone’s gone
In other words: The office responsible for U.S. crypto policy now has no one publicly serving in it.
Executive Director Patrick Witt left yesterday (10-14), the White House confirmed. The reason for his departure is a little amusing—he was on loan from the Department of Defense, and when his assignment ended, he returned to report for duty with the National Guard.
He’s the third crypto official to leave the White House: crypto czar David Sacks left in March, his deputy Harry Jung left in July, and now Witt is gone too. When reporters asked, “Who will take over?” the White House had no comment.
The biggest casualty is the CLARITY Act—the bill that would establish rules for the U.S. crypto market. Witt was the lead negotiator pushing the bill. On September 15, it fell short of the 60 votes needed in the Senate, held up by two issues: banks and the crypto industry arguing over stablecoin yields, and ethics provisions concerning the president’s crypto wealth. Now that the lead negotiator is gone, the bill seems even less likely to advance in the near term.
He was also a leading spokesperson for the Strategic Bitcoin Reserve, and recently said they would look for ways to add another $BTC to the reserve.
At the time of publication, $BTC was trading at $81,636 (TradingView live price, +0.08%).
Is U.S. crypto policy now “leaderless”? Does the CLARITY Act still have a chance this year? Let’s talk in the comments 👇
For informational purposes only; not investment advice.
In other words: The office responsible for U.S. crypto policy now has no one publicly serving in it.
Executive Director Patrick Witt left yesterday (10-14), the White House confirmed. The reason for his departure is a little amusing—he was on loan from the Department of Defense, and when his assignment ended, he returned to report for duty with the National Guard.
He’s the third crypto official to leave the White House: crypto czar David Sacks left in March, his deputy Harry Jung left in July, and now Witt is gone too. When reporters asked, “Who will take over?” the White House had no comment.
The biggest casualty is the CLARITY Act—the bill that would establish rules for the U.S. crypto market. Witt was the lead negotiator pushing the bill. On September 15, it fell short of the 60 votes needed in the Senate, held up by two issues: banks and the crypto industry arguing over stablecoin yields, and ethics provisions concerning the president’s crypto wealth. Now that the lead negotiator is gone, the bill seems even less likely to advance in the near term.
He was also a leading spokesperson for the Strategic Bitcoin Reserve, and recently said they would look for ways to add another $BTC to the reserve.
At the time of publication, $BTC was trading at $81,636 (TradingView live price, +0.08%).
Is U.S. crypto policy now “leaderless”? Does the CLARITY Act still have a chance this year? Let’s talk in the comments 👇
For informational purposes only; not investment advice.