Search results for Patrick Witt
Crypto
White House signals major announcement on U.S. strategic bitcoin reserve within weeks, bill to be renamed
The Trump administration’s strategic bitcoin reserve initiative is expected to reach a turning point within weeks, with the White House signaling follow-up steps and Congress moving to rework related legislation. Patrick Witt, who oversees White House digital asset policy, said a major announcement would be made in the coming weeks. Lawmakers are seeking to anchor the policy in law by renaming and refiling the bill as the U.S. Reserve Modernization Act.
Crypto
U.S. banks-White House clash intensifies as stablecoin interest compromise becomes flashpoint
U.S. banking groups are broadening their Senate lobbying against a CLARITY Act compromise that would partly allow interest-like returns on stablecoins. The proposal being coordinated by senators Thom Tillis and Angela Alsobrooks would ban passive yield on stablecoin balances but allow activity-based rewards. The Consumer Bankers Association has challenged a White House-backed analysis on the effects of an interest ban. The White House has criticised banks’ additional lobbying, while the bill’s timetable remains unclear.
Crypto
US CLARITY Act nears turning point as Trump adviser says most key issues settled
Expectations are growing that the United States\' crypto market structure bill, the CLARITY Act, is nearing a final agreement, after President Donald Trump\'s top crypto adviser Patrick Witt said most major points have been settled. The biggest remaining dispute is whether rules should bar stablecoin rewards offered through third-party platforms as well as direct interest payments by issuers. The White House and banks are clashing over deposit outflow risks and potential system risk.