White House Directly Counters Attacks on Trump Coin... "Opposes Even Unprecedented Ethics Clause Acceptance"

▲ Bitcoin (BTC), Cryptocurrency Regulation, Tax/AI Generated Image

White House virtual asset advisor Patrick Witt criticized the Democratic Party for politicizing former U.S. President Donald Trump's virtual asset profits. It is pointed out that political opposition continues despite unprecedented ethics clauses being reflected in the U.S. cryptocurrency market structure bill.

According to U.S. financial media outlet Benzinga on September 24 (local time), advisor Witt remarked that the Democratic Party's attitude was "somewhat ironic" at a financial market quality conference. Witt criticized, "Senators on the Banking Committee who directly own and actively trade shares of financial companies they regulate are taking issue with Trump's virtual asset business."

Witt emphasized that President Trump agreed to two unprecedented ethics regulations. According to Witt, Trump accepted a provision prohibiting all federal officials, including himself, from issuing and sponsoring digital assets. He added that Trump also agreed to sell off a significant portion of his virtual asset holdings or place them in a blind trust.

Witt identified the aggressive intervention of banking lobby groups as the main reason for obstructing the bill's passage. He explained that the banking sector vehemently opposed a provision that would allow third-party virtual asset platforms to provide rewards to stablecoin holders. He further explained that even a compromise, which prohibited rewards for inactive deposits and allowed them only for active trading, failed to quell the opposition.

Witt expressed regret, stating, "We did our best to address concerns," and that the bill had become entangled in a larger political struggle. It is pointed out that with the bill's vote failing, regulatory uncertainty in the virtual asset market is bound to deepen.

[Article Key Summary]

-White House advisor Patrick Witt strongly criticized the Democratic Party for politicizing President Trump's virtual asset business.

-Trump made unprecedented concessions for the U.S. cryptocurrency market structure bill, including prohibiting digital asset issuance and agreeing to a blind trust.

-Concerns about a regulatory vacuum have grown as the bill's passage failed due to lobbying by the banking sector against stablecoin rewards and political infighting.

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