As Republicans aim to achieve policy successes prior to the midterms, Patrick Witt, an advisor to Trump, has asserted that reaching a consensus on the market structure bill is crucial for its progress in the Senate.

The Senate must act quickly to establish a framework for the cryptocurrency market, as legal compromises will be necessary to facilitate its passage. Witt stated:

“There will be a crypto market structure bill — it’s a question of when, not if.”

He noted, “Relying on a multi-trillion-dollar industry to operate indefinitely without a comprehensive regulatory framework is simply unrealistic.”

While the Senate seeks to define the regulatory roles for the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) regarding cryptocurrencies, some lobbyists are voicing concerns about aspects of the bill that they find overly prohibitive for stablecoins and decentralized protocols.

Committees overseeing the SEC and CFTC have postponed reviews of the bill to garner more bipartisan backing.

Witt Critiques Coinbase’s Stance

Witt was critical of statements made by Coinbase’s CEO, Brian Armstrong, who indicated that the firm would prefer no legislation over a flawed bill.

He remarked:

“What a privilege it is to say those words thanks to President Trump’s victory and the pro-crypto administration he has assembled.”

Witt emphasized the need for progress on the legislation despite imperfections, urging lawmakers to seize the current political landscape, stating:

“Let’s not let perfect be the enemy of the good.”

With midterm elections approaching in November, Republicans are keen to advance their legislative goals, while polls suggest Democrats might gain control over the House, creating potential setbacks for the current administration’s objectives.