Patrick Witt, Executive Director of the White House Cryptoassets Advisory Council, announced that he expects the comprehensive regulatory package regarding crypto market structure in the US to be enacted before the end of 2025. Witt said they are working in coordination with the House of Representatives and the Senate to ensure the regulation reaches President Donald Trump's desk as quickly as possible.
Speaking at the Impact conference of Korea Blockchain Week 2025, Witt said, "We are clearing the bottlenecks in the process, acting as arbitrators when necessary, and respecting the process. We are optimistic that we will complete it by the end of the year." According to Witt, the goal is to establish a clear framework to attract crypto companies back to the US and ensure the sector's domestic development.
Legal Framework Becoming Clearer
The regulatory package, dubbed the "crypto market structure bill," is a consolidation of several bills prepared in different stages. One of the most prominent is the Republican-led CLARITY Act, which passed the House of Representatives with bipartisan support in July. Earlier this month, Senate Republicans introduced another bill, the Responsible Financial Innovation Act. The primary goal of these initiatives is to establish a comprehensive regulatory framework for digital assets. One of the most critical issues is determining which agency will be responsible for regulating crypto assets. The bills aim to clarify the division of authority between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
The legislative initiative builds on the GENIUS Act, passed in the first half of the year. This legislation, by establishing ground rules specifically for stablecoins, was a milestone for the sector.
“The US is open to crypto”
Witt also emphasized the White House’s desire to bring digital asset companies back into the country: “The US is open to business, and we are advancing full speed in crypto. We are working to bring back companies that had moved abroad with the steps taken by the previous administration.”
Witt stated that the White House Crypto Council is available to companies operating in the sector at any time, saying, “It is crucial for us to engage directly with innovators so we can make the right and positive decisions. When we meet with them, we can see the real situation on the ground more clearly.” Harry Jung, vice president of the Council, similarly emphasized that establishing contacts with entrepreneurs will accelerate the regulatory process.
The US's long-awaited establishment of a legal framework for crypto assets could serve as a guide for global markets. The regulations, expected to be passed by the end of the year, are seen as a critical turning point for the sector.
