The Trump administration will not accept criticisms directed at the president within the cryptocurrency legislation, according to an adviser.

Patrick Witt, the digital assets advisor to the president, informed CoinDesk that anti-corruption measures aimed at Trump would be unacceptable.

What to know:

• Patrick Witt, President Donald Trump’s advisor on cryptocurrency, stated to CoinDesk that the White House will not support a crypto market structure bill that specifically targets Trump.
• The primary policy goal of the crypto sector in Washington is currently stalled on various issues, including a request from Democrats to prohibit high-ranking government officials from profiting in the crypto sphere.
• Numerous stakeholders involved in this policy initiative are still negotiating, with the next meeting of Democratic lawmakers anticipated to occur on Wednesday, according to sources.

Negotiators representing President Donald Trump regarding the U.S. Senate’s crypto market structure legislation are unwilling to approve any measures that directly target the president due to his connections to the digital assets business — a key demand from Democrats in discussions on the governance of the U.S. industry.

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Some earlier suggestions for the bill’s ethics provisions — particularly those put forward by Senator Adam Schiff of California — were described as “completely outrageous” by Patrick Witt, the executive director of the President’s Council for Advisors for Digital Assets, during an interview with CoinDesk TV on Tuesday at the Ondo Summit in New York.

"We’ve clearly stated that there are boundaries we will not cross," he remarked. "We won’t permit the targeting of the president or his family members."

He expressed optimism that Democrats would propose more reasonable alternatives that are "a bit closer to something we could eventually agree upon." He believes a solution will be achievable.

"However, at the end of the day, this is not an ethics bill," he emphasized.

Witt convened a meeting on Monday with crypto policy experts and representatives from the U.S. banking sector, where those familiar with digital assets left feeling frustrated that bankers had not yet presented a way forward regarding their disagreements on stablecoin yields.

He shared with CoinDesk that the gathering "highlighted some new areas of consensus," but the White House is attempting to navigate between bankers concerned about protecting their deposit businesses and enabling stablecoin products.

"We’re working towards a compromise," he stated. "My primary responsibility is to get a bill to the president’s desk. He wants to see this legislation completed."

However, Senate Democrats might present a more challenging hurdle at this point, as they persist in advocating for restrictions on crypto activities for senior government officials, along with several other significant demands.

In previous proposals that would have barred government officials’ spouses from involvement in the industry, Witt noted that "a lot of senators’ wives and husbands might have faced job losses as a result of that."

Democrats engaged with industry representatives on January 16, just two days following a Senate Banking Committee hearing on the stalled legislation. Democratic lawmakers are scheduled to convene again on Wednesday to further discuss their strategy, as per a source familiar with the arrangements. If they cannot reach a compromise bill in the Senate Banking Committee, the legislation may need to advance solely with Republican backing, similar to an earlier version that was reviewed in the Senate Agriculture Committee.

Ultimately, legislation will require substantial Democratic support to pass the Senate, which typically necessitates a 60-vote majority for bill approval. The White House has instructed industry insiders to compile their compromise proposals by the end of February, according to sources acquainted with the discussions. The longer this legislative process drags on, the more challenging it will be to pass a bill before Congress adjourns for this year’s midterm elections.

Witt was also questioned on Tuesday about whether he would disclose the amount of cryptocurrency currently held by the U.S. government, a particularly pertinent figure considering the ongoing presidential initiative to create federal stockpiles.

"No," he replied. "I won’t delve into that."

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