White House advisor says differences in cryptocurrency legislation are narrowing, accelerating the progress

White House digital asset advisor Patrick Witt stated that the previously considered "insurmountable" legislative differences regarding cryptocurrency have significantly decreased, improving the prospects for the passage of related bills.

As Congress reconvenes, a key Senate committee is expected to vote on a comprehensive cryptocurrency bill, paving the way for subsequent legislative progress. The bill aims to clarify the regulatory division of responsibilities between the SEC and CFTC and establish a unified regulatory framework for exchanges and market participants. The current focus of contention remains on the incentive mechanisms for stablecoins. Although the passed stablecoin bill prohibits issuers from directly paying interest to users, there is still disagreement on whether third-party platforms should be allowed to offer rewards. Overall, the policy-making landscape is shifting from "high uncertainty" to "gradual convergence," and the regulatory framework for the cryptocurrency industry is expected to enter a substantive advancement phase.