TechFlow news: On February 4, according to CoinDesk, Patrick Witt, digital asset advisor to U.S. President Donald Trump, stated that the White House would not accept any cryptocurrency market structure bill containing provisions targeting Trump. Witt called the ethics clauses in an early draft bill proposed by California Senator Adam Schiff “absolutely outrageous” and explicitly stated that “provisions targeting the president personally or his family members will not be permitted.”
Currently, the main policy objective of the U.S. cryptocurrency industry is stalled due to multiple issues—including Democrats’ demand to ban senior government officials from profiting from the crypto industry. Witt said the White House is attempting to “broker an agreement” between the banking sector and stablecoin products. According to sources familiar with the matter, the White House has instructed industry insiders to submit compromise proposals by the end of February. As midterm elections approach, the longer the legislative process drags on, the more difficult it becomes for Congress to pass the bill.
