Patrick Witt, the White House cryptocurrency advisor appointed after Bo Hines resigned to join Tether, made significant announcements at the South Korea Blockchain Week 2025 conference. He outlined four priority targets for the crypto committee: accelerating digital asset legislation, establishing a strategic Bitcoin (BTC) reserve, clarifying cryptocurrency tax regulations, and protecting the rights of crypto technology developers.
Witt emphasized that the crypto market structure bill (MMBB) is a key focus, aiming to pass it by the end of 2025. This bill seeks to create a comprehensive regulatory framework for digital assets, consolidating measures like the CLARITY Act and the GENIUS Act—the latter already passed in 2025 to regulate stablecoins with dollar reserves and audits. Witt stated, "We are optimistic that the bill will reach Trump’s desk and be approved before the end of the year," highlighting bipartisan support and efforts to overcome legislative obstacles.
The initiative is designed to foster a secure, transparent environment for crypto transactions, reducing market uncertainty and boosting investor confidence. The White House Crypto Council is also working on guidelines for DeFi platforms and central bank digital currencies, positioning the U.S. for leadership in the global crypto landscape.