patrickwitt

As U.S.-Iran escalations drag on, the crypto market has been surprisingly resilient, with a major boost coming from institutional flows. 
On the regulatory front, U.S. President Donald Trump has sided with crypto supporters, slamming banks for undermining his crypto agenda by keeping the CLARITY Act hostage.
Here’s a full breakdown of top headlines that shaped crypto in the past 48 hours. 
Bitcoin defies Iran escalations
Bitcoin has stayed within the $65K-$70K price range, shrugging off the Iran escalations.
According to Bloomberg ETF analyst Eric Balchunas, renewed demand from U.S. spot BTC ETFs has been the key stabilizing factor. 
Balchunas noted that BTC ETFs saw $1.5 billion in inflows in the past five days, calling it the ‘biggest haul.’ 
“Biggest haul in a while, just about all of the original ten spot ETFs seeing action too = breadth and depth. This is after a 50% drawdown and most underwater. Even I’m impressed.”

Source: Bloomberg 
On Tuesday, the products saw $225.15 million in net daily inflows, marking the second day of green this week after another $458 million in net daily inflows on Monday. 
BTC’s strength has reinforced broader market resilience, with Ethereum trading tightly near $2K while SOL traded at $87. It remains to be seen how the Iran crisis will further affect oil, inflation, and global risk sentiment. 
CFTC to approve crypto perps next month
The U.S. may be gearing up for another crypto win. In a recent meeting at the Milken Institute, CFTC chair Mike Selig said the regulator will approve perpetual derivatives (perp) as part of Project Crypto.
“We’re working towards getting perpetual futures, true perpetual futures, not long-dated contracts, here in the U.S. within the next month or so…”
He added,
“We’re also working towards onchain markets, so we’re looking to have clear guidance as to what sort of digital wallets would implicate our regulations.”
Crypto perps have become one of the hottest trends over the past two years, propelling Hyperliquid to its current moat. But they are largely a grey legal area, especially for perps on DEX platforms. 
Reacting to the update, Hyperliquid Policy Center CEO Jake Chervinsky hailed the move as a step forward towards regulated DeFi perps. 
“I’m guessing this means perps offered on centralized exchanges only. Right now, “perps” on CEXes are actually long-dated futures, a different product. Approval for DeFi perps will likely take longer.”
However, a Messari analyst argued that the update could also drive competition against Hyperliquid and could be net bearish for the DEX in the long run. 
Meanwhile, it’s unclear how the broader crypto perps market will be affected if the approval comes through as projected by the CFTC. 
Trump slams banks for delaying the CLARITY Act
Still on regulation, Trump has slammed banks for ‘undermining his crypto agenda.’
The President warned that the banks should not hold the CLARITY Act hostage or undercut the stablecoin law, the GENIUS Act. The stablecoin yield issue has been a key obstacle to the bill’s progress. 
But Trump urged the banking industry to make a “good deal with the crypto industry” because that’s what’s best for the American people.
Ripple CEO Brad Garlinghouse supported his stance, echoing that crypto has been pushing for what’s best for the people. 
Trump’s statement follows a recent hardline stance by JPMorgan’s CEO, Jamie Dimon, who insisted that stablecoins paying yield should be regulated like banks. 
“If you’re going to be holding balances and paying interest, that’s a bank. You should be regulated like a bank.”
But Trump’s crypto advisor, Patrick Witt, discredited Dimon’s argument as ‘deceit,’ stating that stablecoin issuers do not lend out the balance like banks to warrant the strict regulation. 

Source: X/Patrick Witt 
Despite the back-and-forth on stablecoin rewards, the CLARITY Act still had a decent 74% chance of being passed into law this year. 
#PatrickWitt #BTC #TRUMP
$BTC
$TRUMP

The Senate Agriculture Committee dropped a bipartisan crypto market structure bill that mirrors over 80% of the House's CLARITY Act, setting up what could be the final regulatory framework for digital assets in 2026.
Patrick Witt, Executive Director of President Trump's Council of Advisers on Digital Assets, stated on X, "The newly released Senate Ag market structure bill is a quality bipartisan product that deserves the support of the entire committee at Tuesday's markup."
The bill represents months of negotiations between Chairman John Boozman and Senator Cory Booker. Most changes from the House version came as concessions to Booker, pushing the legislation toward broader bipartisan support.
You might also like: Trump Crypto Advisor Urges: Accept Imperfect Bill Now
The Senate Agriculture text closely follows the House CLARITY Act, which secured 17 out of 24 Democrat votes in the Ag committee and nearly 40% of the entire Democrat caucus during floor votes. Key Democrats including Nancy Pelosi, Pete Aguilar, and Ted Lieu backed the House version.
Lummis Warns: Warren's Anti-Crypto Push Could Unravel Protections
Senator Cynthia Lummis warned on X, "For four years the Biden administration tried to kill the digital asset industry with its regulatory warfare. The CLARITY Act locks in protections anti-digital asset leaders like Elizabeth Warren can't undo."
The Wyoming Senator's statement highlights a critical timeline. With Democrats potentially reclaiming control in future cycles, passing comprehensive crypto regulation now could protect the industry from hostile regulatory actions.
Must read: Armstrong Denies White House Fury Over CLARITY Clash
Industry leaders point to the four-year regulatory campaign under the previous administration as evidence of what's at stake. The Biden-era approach used enforcement actions rather than clear rules, creating uncertainty that drove innovation offshore.
The Senate Banking Committee and Senate Agriculture Committee must combine their respective drafts into a single bill before reconciling it with the House's CLARITY Act. The Banking panel already circulated its version, while Agriculture finalized its text this week.
Check out: Coinbase CEO Brian Armstrong Issues Ultimatum: Banks Must Embrace Crypto Infrastructure or Face Market Extinction
Tuesday Markup Could Fast-Track Digital Asset Framework
Boozman thanked the committee for its "leadership and commitment to transparency throughout this process." The Senate Agriculture Committee scheduled its markup session for Tuesday, where members will vote on amendments before sending the bill to the Senate floor.
The legislation addresses roughly 80% of the crypto market that the GENIUS Act—the stablecoin bill Trump signed into law—left untouched. The market structure bill would establish clear jurisdictional lines between the SEC and CFTC for digital assets.
Related: Hoskinson Slaps Down Garlinghouse's Crypto Bill Betrayal?
Getting the bill to Trump's desk requires a supermajority in the Senate due to procedural rules. Both Boozman and Banking Committee Chairman Tim Scott must gather enough votes from both parties to advance their versions before merging them into final legislation.
The White House maintains regular contact with both committees working on the bill. Officials expressed confidence that whatever emerges from the Senate will be acceptable to the House without requiring another round of negotiations.
3 Key Takeaways:
Senate Ag bill mirrors 80%+ of House CLARITY Act with Democrat concessions for bipartisan backingLummis warns bill locks in protections against future anti-crypto regulatory warfare from WarrenTuesday markup could fast-track legislation covering 80% of crypto market left out of GENIUS Act
#CLARITYAct #CryptoRegulation #SenateAgriculture #PatrickWitt #SenatorLummis

Patrick Witt, el recién nombrado asesor presidencial en temas de activos digitales, declaró en su primera entrevista en el cargo que el avance del proyecto de ley sobre la estructura del mercado cripto en el Senado es una de sus tres prioridades principales, junto con la implementación rápida de la ley de stablecoins (GENIUS Act) y la creación de una reserva federal de criptoactivos.
#PatrickWitt
¿Por qué es importante?

Proyecto del Senado sobre estructura del mercado cripto: Establece claridad regulatoria, define jurisdicción reguladora (SEC vs. CFTC), y busca un esquema sólido de supervisión.
Ley GENIUS (stablecoins): Ya firmada, pero necesita una aplicación efectiva para incorporar stablecoins en una red regulatoria fiable.
Reserva federal de criptoactivos: Crearía un fondo público con bitcoin confiscado y posiblemente otros criptoactivos, marcando un impulso institucional sin precedentes.
#criptonews , #Cryptolaw
Contexto político y regulatorio
El proyecto de ley del Senado ya fue presentado por el Comité Bancario, y Witt resaltó que ha mostrado “mejoras significativas” en su redacción. El reto es lograr 60 votos para pasar al pleno del Senado.
Esta iniciativa complementa el marco ya aprobado por la Cámara de Representantes, la Digital Asset Market Clarity Act, apuntando a una armonización legislativa entre ambas cámaras.

#TRUMP
Patrick Witt está impulsando un enfoque decidido y estructurado en política cripto, enfocándose en:
Crear un entorno legal sólido y predecible para los mercados digitales.
Convertir la legislación sobre stablecoins en regulación operativa efectiva.
Evaluar la institucionalización de activos cripto dentro de reservas federales.
Su experiencia dentro del gobierno podría acelerar una coordinación efectiva entre agencias y el Congreso, lo que podría ser decisivo para el futuro del ecosistema cripto en EE.UU.