Patrick Witt

Executive Director, President’s Council of Advisors for Digital Assets; Deputy Director, Dept. of War Office of Strategic Capital 🇺🇸

[Patrick Witt @patrickjwitt]

Hey @coinbase, when will the Clarity Act pass? 😂

[BSCN @BSCNews]

Coinbase Under Fire Over Fake Norway Vs Brazil World Cup Result

Coinbase (@coinbase) drew criticism after an AI generated alert declared Norway beat Brazil before kickoff. The alert said Erling Haaland scored twice in the fabricated result.

Coinbase's own market page showed the match was under a weather delay. No actual result existed at the time, according to BeInCrypto.

Coinbase CEO Brian Armstrong (@brian_armstrong) confirmed the team is looking into the error. Some critics questioned Coinbase's positioning of prediction markets as truth seeking tools.

The actual match later ended with Norway winning 2 to 1 with Haaland scoring two goals.

[Patrick Witt @patrickjwitt]

Great job, Ella! Take good care of your dad @HarryYJung when you’re rich.

[Margo Martin @MargoMartin47]

“I want to stand next to these soon to be very rich people!” @POTUS 🤣🇺🇸

[Patrick Witt @patrickjwitt]

Watching American air superiority from the steps of the Jefferson Memorial. #America250

[Patrick Witt @patrickjwitt]

Another example of how clear rules of the road can unlock massive value. What GENIUS did for stablecoins, the Clarity Act will do for all other digital assets.

[Open Standard @openstandard]

Introducing Open USD: a stablecoin built for the internet economy, designed by the businesses growing it.

https://t.co/jqgDRs6mKf

[Patrick Witt @patrickjwitt]

July is shaping up to be quite a month. What better way to celebrate our nation’s 250th than by cementing American leadership in global financial markets for decades to come? 🇺🇸

[Senator Tim Scott @SenatorTimScott]

I agree with @LeaderJohnThune: The Senate should vote on crypto market structure legislation in July.

@BankingGOP advanced a bipartisan bill that would deliver clear rules of the road, protect consumers, and keep innovation in America.

It’s time to deliver for the American people.

[Patrick Witt @patrickjwitt]

Agreed.

[Franklin Templeton Digital Assets @FTDA_US]

The biggest unlock for crypto? Regulatory clarity.

[Senator Bill Hagerty @SenatorHagerty]

What my GENIUS Act is doing for stablecoin innovation, CLARITY will do for the broader digital asset market.

CLARITY will provide the clear rules of the road needed to ensure digital asset innovation flourishes in America.

[Patrick Witt @patrickjwitt]

Dominant performance by Coach Russell Crowe and Team USA. @USMNT 🇺🇸

[Patrick Witt @patrickjwitt]

There’s never been a better time to join the @CFTC as the agency prepares for its expanded mission.

[Mike Selig @ChairmanSelig]

The @CFTC is hiring.

We’re recruiting the best and brightest to join our team and leveraging technologies like artificial intelligence to keep pace with the new frontier of finance and make efficient use of taxpayer dollars.

[Patrick Witt @patrickjwitt]

Clarity for market structure, Parity for tax. Great work, @WaysandMeansGOP.

[Ways and Means Committee @WaysandMeansGOP]

Today, the Ways and Means Committee unveiled 6 bills aimed to create clarity, parity, and administrability of digital assets and maintain America’s status as the crypto capital of the world.

[Patrick Witt @patrickjwitt]

Big week ahead for Clarity. The work has continued in earnest behind the scenes since the Banking markup. The issue set has narrowed, and good faith offers are being put forward to close the gap. But time is of the essence.

[The Block @TheBlockCo]

Coinbase, Ripple among over 200 crypto organizations urging Senate Clarity Act vote https://t.co/ERRJIMLXCM

[Patrick Witt @patrickjwitt]

The Clarity Act is the most pro-law enforcement crypto bill ever considered by Congress. Fact.

[Blockchain Association @BlockchainAssn]

1/ Today, we’re sending a letter to Senate Majority Leader Thune and Senate Democratic Leader Schumer signed by 160 former national security, intelligence, and law enforcement professionals in support of the Clarity Act.

https://t.co/1lSQkoaaXI

[Maria Bartiromo @MariaBartiromo]

CLARITY Act will be the biggest financial regulatory bill since Dodd-Frank, Coinbase exec says | https://t.co/LF63lYlUyX @MorningsMaria @FoxBusiness

[Ji Kim @_jikim]

Debate is healthy, but the facts on CLARITY aren’t debatable.  

1 - On rewards: Section 404 addresses banks’ purported concerns by barring any digital asset service provider or their affiliate from paying rewards in a manner that is economically or functionally equivalent to the payment of yield on a bank deposit and more (e.g., captures direct and indirect arrangements, includes strict anti-evasion language and civil penalties, etc.). Crypto gave many real concessions here. 

2 - On AML/BSA:  CLARITY bolsters law enforcement’s authority / capacity to target bad actors and CIF with clear obligations for digital asset companies, coordinated info-sharing mechanisms, protections that close regulatory gaps, increased funding for FinCEN, and much more (see, e.g., sections 201-206, 301-313, 507, 508, 801, 903, etc.). 

3 - On benefits to banks: CLARITY ensures banks may engage in a broad range of activities, including providing digital asset custodial services, operating a node, making loans collateralized by digital assets, providing self-custodial wallet software, and more (see § 401). 

4 - On benefits to Americans: Crypto represents ~$3 trillion global market cap, but currently 88% of global trading volume occurs on non-U.S. exchanges and only 19% of crypto developers are located in the U.S. CLARITY will bring all this onshore, under U.S. regulatory oversight.

CLARITY has benefits that extend far beyond any one company or constituency. This is a bill for ALL Americans, including banks. CLARITY awaits. The time is now.

[Patrick Witt @patrickjwitt]

This is an odd clip. I find it hard to believe that the CEO of a major BBB could be this uninformed about a major piece of financial legislation.

The Clarity Act “doesn’t do anything for AML/BSA.” Really? Have you read Titles II or III?

“It allows them to effectively pay interest on deposits.” False. Section 404 explicitly prohibits digital asset companies from paying any form of interest or yield on a stablecoin balance in a manner that is “economically or functionally equivalent to the payment of interest or yield on an interest-bearing bank deposit.”

It is becoming increasingly clear that bank opposition to the Clarity Act is more about personality than policy.

[Bitcoin.com News @BitcoinNews]

🏦 JPMorgan CEO Jamie Dimon warns stablecoins could become a "huge problem" and says he is not happy with the Clarity Act.

🎙️ When asked about Coinbase CEO Brian Armstrong representing the industry, Dimon said, "He's full of sh!t."

[Patrick Witt @patrickjwitt]

Americans finally have access to a product that was developed and flourished offshore solely due to the anti-innovation posture of the previous administration. Great work by @ChairmanSelig and the CFTC team. With clear rules, America wins.

[Mike Selig @ChairmanSelig]

In my first public remarks as @CFTC Chairman, I made clear that the agency would use the tools at its disposal to onshore crypto asset perpetuals. Today, the @CFTC delivered on that commitment.

This morning, the @CFTC took historic action to permit the listing of a true bitcoin perpetual contract by a CFTC-registered exchange, charting a path for one of the most liquid segments of the crypto asset markets to exist within the US regulatory framework.

[Bitcoin Magazine @BitcoinMagazine]

JUST IN: 🇺🇸 Treasury Secretary Scott Bessent urges lawmakers to advance the Clarity Act:

"There most important thing we can do is to make digital assets come into the United States. Make the U.S. the home."

"I would encourage the House and the Senate to get Clarity done."

[Ji Kim @_jikim]

Yesterday, I published a @CoinDesk op-ed. CLARITY isn't just about today's America. It's about tomorrow's America, and the rules our children will inherit. As a parent of young kids, this isn't just policy for me. We owe it to them to get this right. The time is now.

https://t.co/K97Rok0bFW