White House Crypto Adviser Declares "Pedal to the Metal" on Key Legislation and Bitcoin Stockpile

Washington, D.C. – Patrick Witt, the newly appointed White House crypto adviser, has identified the market structure bill and the U.S. bitcoin stockpile as his top priorities. Witt, Executive Director of the President's Council of Advisers on Digital Assets, emphasized an urgent approach to advancing digital asset legislation. According to a tweet from CoinDesk, Witt stated it's "pedal to the metal" time for these critical initiatives.

Witt's appointment follows Bo Hines' departure, and he now operates under David Sacks, the administration's crypto czar. His background includes experience at McKinsey & Co., the Office of Personnel Management, and the Department of Defense, providing him with a deep understanding of executive branch operations. This experience is expected to aid in navigating the complex regulatory landscape of digital assets.

The Senate's market structure legislation is a central focus, aiming to provide comprehensive regulatory clarity for the crypto industry. Witt noted "significant improvements" in the latest draft bill, which addresses approximately 80% of the crypto market not covered by existing laws. Passing this bill requires bipartisan support, necessitating at least 60 votes in the Senate, and Witt's office is actively engaging with both parties.

Another key initiative is the establishment of a federal Bitcoin Strategic Reserve, intended to hold government-seized bitcoin as a long-term investment. This project, a high priority for the administration, presents novel legal questions that require legislative backing. The U.S. Department of the Treasury is exploring methods to establish this stockpile, including potential "creative ways" for accumulation beyond seizures.

Beyond the market structure bill and bitcoin reserve, Witt is also prioritizing the swift implementation of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. This stablecoin law, already signed by the President, is seen as a foundational step. The administration maintains pressure on lawmakers and regulators to finalize and enact these policies, aiming to position the U.S. as a global leader in crypto innovation.