New White House Crypto Advisor Patrick Witt: Market Structure Bill Is the Top Priority

The administration of President Donald Trump has seen a shift in its crypto policy leadership. Patrick Witt has been appointed as the new White House advisor on digital assets, taking over from Bo Hines. His main task is to finalize comprehensive U.S. crypto legislation and push for the implementation of a new stablecoin law.

Successor to David Sacks and Bo Hines Witt operates under the guidance of the administration’s “crypto czar,” David Sacks, and is now the White House’s primary point of contact for crypto policy. Hines, who only served briefly, later joined Tether. Although he witnessed Congress turning its stablecoin efforts into law and attended the White House signing ceremony, he soon departed, leaving Witt with an extensive agenda. “There’s no slowdown here,” Witt said, having been elevated to the role last month – just two weeks after the administration released its sweeping strategy report on U.S. crypto policy. “We’re keeping the momentum, pushing forward on legislative initiatives and interagency actions outlined in the report.”

Witt’s Three Main Priorities In his first interview since taking office, Witt identified three top priorities: 🔹 Senate market structure legislation – regarded as a crucial step toward clear rules for the crypto industry

🔹 Implementation of the stablecoin law (GENIUS Act) – rapid rollout is seen as proof of U.S. leadership in innovation

🔹 Creation of a federal crypto reserve – a new fund to hold government-controlled cryptocurrencies, primarily seized Bitcoin Witt said the latest Senate draft of the market structure bill shows “significant improvements” and has the potential to attract bipartisan support. Reaching the 60-vote threshold in the Senate will require buy-in from several Democrats.

Pressure on Congress and Conflict-of-Interest Concerns Although the administration missed Trump’s original August deadline, Witt stressed that the White House “is still applying pressure.” His office is in regular contact with both the Senate Banking Committee and the Agriculture Committee, which must complete their versions before a final Senate vote can take place. Democrats have voiced concerns about President Trump’s personal stake in the sector, citing billions in income, investment gains, and equity shares. Witt dismissed these claims: “This is a victory for America, not for any individual.”

Strategic Bitcoin Reserve Trump’s administration is also advancing plans to create a strategic Bitcoin reserve that would hold over 112,796 BTC seized by the government as a long-term investment. The Treasury Department is exploring how to build reserves for Bitcoin as well as separate reserves for other cryptocurrencies. “This is our absolute top priority,” Witt said. He acknowledged that the effort raises complex legal questions but stressed the goal of securing Congressional approval to give the reserve a solid legislative foundation.

Witt Brings Policy and Business Experience Unlike Hines, Witt comes with extensive experience in politics and executive roles. He worked at McKinsey & Co., served in the Office of Personnel Management during Trump’s first term, and later worked at the Department of Defense as Deputy Assistant Secretary. He believes this background will help him coordinate with regulators to implement the stablecoin framework signed into law by Trump.

“GENIUS Was Only the Beginning” Witt emphasized that the GENIUS Act was an important milestone but only covers a small fraction of the market. “It addresses maybe 20% of the ecosystem. The market structure bill is the big one – it covers the remaining 80%. This is huge, and we have to get it done,” Witt said.

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