Patrick Witt Resigns as Executive Director of Crypto Council Amid Regulatory Delays
- Patrick Witt has stepped down as executive director of the U.S. President’s Advisory Council on Digital Assets after his temporary appointment expired.
- His departure leaves the council without a leader as negotiations over the CLARITY Act continue to stall due to disagreements among lawmakers.
- Witt was involved in discussions about establishing a U.S. strategic bitcoin reserve and aimed for the CLARITY Act to pass by July, which did not occur.
- He is the third senior official to leave the administration’s crypto team, following David Sacks in March and Harry Jung in July.
Witt’s exit comes at a critical time for digital asset regulation, as the White House has yet to appoint a successor or resolve ongoing disputes regarding stablecoin rewards and conflict-of-interest provisions related to crypto businesses.
With Witt’s resignation, uncertainties surrounding the future of the CLARITY Act persist, highlighting challenges in achieving consensus on digital asset regulation.(Source)
