A key crypto policy advisor to former President Donald Trump’s campaign has issued a strong call for urgency regarding the passage of critical digital asset market structure legislation, stressing that regulatory compromise is essential to prevent the United States from falling further behind global competitors.
The advisor, speaking on condition of anonymity to discuss legislative strategy, emphasized that while the Financial Innovation and Technology for the 21st Century (FIT21) Act successfully cleared the House of Representatives with bipartisan support, its momentum must be maintained through the Senate. They argued that the protracted regulatory uncertainty, marked by years of enforcement actions by the Securities and Exchange Commission (SEC) rather than clear rulemaking, is actively driving capital and innovation overseas.
“We recognize that no piece of legislation addressing something as complex as digital asset classification and market oversight will be perfect for every stakeholder, including the SEC or the CFTC,” the advisor stated. “However, holding out for a maximalist bill that satisfies every niche interest risks stalling the entire process. Compromises need to be made quickly by both sides of the aisle to deliver a framework—any framework—that provides clarity for consumers and institutions alike.”
The push highlights the urgency within the industry for defined legislative boundaries, particularly concerning which assets fall under the jurisdiction of the Commodity Futures Trading Commission (CFTC) versus the SEC. The advisor concluded by noting that swift action on market structure regulation would be a major policy priority if the former President returns to office, but that preemptive congressional action is crucial to stabilize the domestic market now.
Source: ‘Compromises need to be made’: Trump’s crypto advisor urges quick passage of market structure bill
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