Crypto In America DC Insider On When The Crypto Market Structure Bill Will Pass | Patrick Witt
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Feb 23, 2026 Patrick Witt, Executive Director of the President’s Council of Advisors for Digital Assets, who led White House negotiations on market-structure and stablecoin policy. He discusses timing for the market-structure bill, banks versus crypto tensions, why developers should care about DC legislation, ethics and vote-count concerns, and the politics around key players like David Sacks.
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White House Brokered Narrow Stablecoin Compromise
- The White House is mediating between banks and crypto to resolve a narrow stablecoin rewards dispute without reopening the Genius Act rules.
- Patrick Witt ran three meetings, moved to line-by-line text edits, and narrowed disagreement areas to enable compromise.
No Phones Allowed To Keep Focused On Text
- Patrick Witt enforced strict phone-free decor during meetings to keep everyone focused on line-by-line text work.
- He compared the formality to judges' robes and UK powdered wigs to set a serious tone for negotiations.
Deposit Flight Versus Anti-Competitive Fears
- The core tension is banks' deposit-flight concerns versus crypto's view that restricting stablecoin rewards is anti-competitive.
- Witt believes solving this narrow issue will trigger a domino effect and accelerate passage of the broader bill.