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As the U.S. midterm elections approach, the White House is pushing for a cryptocurrency market structure bill
According to The Hill, the White House seems eager to push for a resolution to the dispute between the banking industry and the cryptocurrency sector, a dispute that has hindered Senate negotiations on the legislation since the beginning of this year. Key officials both inside and outside the U.S. government—from Treasury Secretary Scott Bessenet to White House cryptocurrency advisor Patrick Witte to former AI and cryptocurrency affairs head David Sacks—have recently called for the passage of the bill.
At the same time, the Council of Economic Advisers released a report that refuted the banking industry's related concerns. However, it remains unclear whether the White House's push is sufficient to overcome the issues plaguing the bill, which are not limited to the narrow industry disputes that have dominated discussions over the past three months. Christopher Neuber, a senior research analyst at Beacon Policy Advisors, stated in an interview, "From a timing perspective, their judgment is reasonable—if Congress has the opportunity to push the market structure bill through, now is that opportunity."
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