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The cryptocurrency industry has been chided for its obstinacy over the Senate’s cryptocurrency market structure bill by Patrick Witt, executive director of the President’s Council of Advisors for Digital Assets.
“‘No bill is better than a bad bill,'” Witt said on Wednesday on X, referencing recent remarks from Coinbase (NASDAQ:COIN) CEO Brian Armstrong. “What a privilege it is to be able to say those words thanks to President Trump’s victory, and the pro-crypto administration he has assembled.”
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Armstrong on Jan. 14 announced Coinbase’s decision to withdraw support for the Senate’s cryptocurrency market structure bill, citing concerns around provisions relating to tokenized equities, decentralized finance and stablecoin rewards.
However, Coinbase is not the only cryptocurrency company to have kicked against the bill. Galaxy Digital (NASDAQ:GLXY) reportedly slammed it as “the single largest expansion to financial surveillance authorities since the USA PATRIOT Act.”
Witt on Jan. 21, however, warned that there would eventually be a cryptocurrency market structure bill.
“It’s a question of when, not if,” he said. “Assuming a multi-trillion dollar industry will continue to operate indefinitely without a comprehensive regulatory framework is pure fantasy.”
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Witt urged the industry to pursue a compromise with the current pro-cryptocurrency administration, warning that the provisions could be significantly worse under another administration.
“You might not love every part of the CLARITY Act, but I can guarantee you’ll hate a future [Democratic] version even more,” he said. “Let’s keep working to improve the product, recognizing that compromises will need to be made in order to get 60 votes in the Senate, but let’s not let perfect be the enemy of the good.”
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