Patrick has been a tremendous asset in advancing @POTUS’s agenda.
From his service at @DeptofWar strengthening America’s defense industrial base to his efforts at the White House championing digital assets, Patrick has proven himself to be a talented convener and a man of action.
I hope Patrick remains engaged in these critical issues and continues to provide valuable thought leadership from his next role.
Democrats wanted a full regulatory regime for digital commodity pool operators and trading advisors. The Clarity Act builds it.
Democrats voted "no" on protecting investors pooled in crypto funds with real oversight.
Patrick’s leadership helped advance the conversation around the need for crypto market structure legislation that supports innovation, provides clarity for this evolving technology and protects consumers.
I appreciate his collaboration with @SenateAgGOP and wish him the best of luck in his next role.
.@patrickjwitt, thank you for everything you’ve done to ensure America leads in digital assets. Your hard work and vision made a real difference.
Wishing you all the best in what comes next!
No American should lose access to a bank account because of their politics or their industry, and that includes the digital asset businesses wrongfully targeted under Operation Chokepoint 2.0. Thank you @SecScottBessent and @USComptroller for working to ensure Americans have fair access to banking.
Democrats wanted a dedicated CFTC office to advocate for retail crypto investors. The Clarity Act does that with the creation of the Office of the Retail Commodity Advocate.
Democrats voted no on protecting retail investors with a dedicated CFTC advocate.
Democrats demanded that Chief Compliance Officers be barred from holding conflicting roles at affiliated crypto entities.
We wrote it into the Clarity Act. Democrats said, “no thanks.”
Thank you, @Deseret News, for a great conversation as I near the end of my Senate service.
I truly enjoyed discussing my work leading @SenWestCaucus, advancing digital asset policy, saving taxpayers money, and building bipartisan support for nuclear energy. It’s been a privilege to represent Wyoming and take on important issues!
deseret.com/politics/2026/…
@ChairmanSelig is establishing clear rules to cement U.S. leadership in digital assets.
This is how America leads the future of crypto technology: regulatory certainty that promotes innovation and protects consumers.
Democrats asked for $150 million in new funding for FinCEN to fight financial crime in digital assets, and even though we included it in the Clarity Act, that didn’t stop Democrats from voting against it.
They had the opportunity to protect Americans from financial crimes and chose not to.
Democrats demanded disclosures for customers to protect their crypto in a broker bankruptcy, giving them the protection FTX customers never had.
Democrats voted against those efforts to protect consumers from another FTX-style bankruptcy loss when they all voted against the Clarity Act.
Wyoming chartered the nation’s first digital asset banks and built a legal framework that has set the standard for digital asset regulation in the United States. I’m very pleased the Wyoming Division of Banking has partnered with the New York Department of Financial Services for streamlined chartering and joint supervision of entities engaged in digital asset activities.
dfs.ny.gov/reports_and_pu…
There are strong bicameral discussions on this issue and Chairman Smith and @RepHorsford have advanced a thoughtful proposal. I am especially pleased that it includes our legislation to fix the gaming losses tax that has harmed Nevada.
Certainty for taxpayers with digital assets is an important issue, and I look forward to working with my colleagues in the Finance Committee on bipartisan solutions.
Democrats wanted the FTC to keep full authority over consumer protection and fraud enforcement for NFTs. The Clarity Act preserves it.
Democrats voted against protecting Americans from NFT scams and fraud.
I commend Senator @SteveDaines for introducing the Aligning Digital Assets with Principles of Taxation Act.
This bill has much in common with the Digital Asset Tax Certainty Act, which passed out of the Ways and Means Committee on a strong bipartisan vote. There is also clear momentum building to deliver tax certainty to digital asset owners and ensure America remains the crypto capital of the world.
Democrats demanded crypto platforms give customers clear, plain-language education on digital asset risks and fraud before they invest. The Clarity Act requires it.
Democrats voted no.
"This bill would also prohibit digital assets. Well, I understand that for investment in cryptocurrency and Bitcoin and everything else, but there is also a digital asset called stablecoins, and this body actually passed that. Stablecoins aren't an investment piece;" [S5224]
Democrats negotiated changes to the Keep Your Coins Act, protecting Americans’ right to hold their own digital assets.
Their edits are in the Clarity Act, but they still voted against protecting Americans’ right to hold their own digital assets.
"One of the reasons some of us on the Democratic side were concerned about some of the cryptocurrency bills is because the method that Hamas uses to evade sanctions is cryptocurrency, and the bill that was brought to this floor did not close that loophole used by Hamas." [S5154]
Tether seemingly has no shame—profiting from insidious use of its stablecoin for money laundering by Iran, drug traffickers & other illicit enterprises. Time to crackdown. wsj.com/finance/curren…
The Trump Admin’s glaring lack of oversight of cryptocurrency issuers has undermined our own national security interests. That is why I am calling on the Dept of Treasury & Justice to immediately investigate Tether & hold it accountable for these potential sanctions violations. hsgac.senate.gov/wp-content/upl…
Democrats demanded a government study on crypto mixers and tumblers, the tools criminals use to launder digital assets. The Clarity Act mandates it.
Democrats voted no on protecting consumers.
Hester Peirce stood up for American innovators long before it was popular, and the digital asset industry owes her a debt it can never fully repay. Thank you, Hester, for years of dissenting against regulation by enforcement and leading the SEC’s Crypto Task Force to bring clear elong. Wishing you all the best in your next chapter.
Democrats demanded that front-end DeFi platforms comply with U.S. sanctions law like every other financial platform. We wrote it into the Clarity Act.
Senate Democrats voted against protecting our national security from sanctioned bad actors using DeFi.
Democrats wanted federal consumer protections for crypto ATMs to protect seniors from scammers. The Clarity Act delivers those comprehensive protections.
Democrats voted no on protecting seniors from ATM fraud.
A bitcoin tax cut that raises money for the Treasury.
New research from @sekreps and Cornell's Tech Policy Institute scores the de minimis exemption in Sen. Lummis's S. 2207, which would exempt bitcoin purchases under $300 from capital gains tax.
Critics warned the exemption would cost the Treasury billions. The brief finds it would instead raise an estimated $859 million over 10 years.
The reason is simple: Only 32 to 56 percent of bitcoin owners report their gains today, so the government collects very little from small purchases now. Meanwhile, the tax and recordkeeping burden stops people from spending bitcoin at all. Remove it, and more transactions happen, generating taxable activity elsewhere in the economy.
The result holds across nearly every scenario tested, and it still holds at a narrower $200 threshold.
Full brief:
Democrats wanted digital asset platforms to be formally classified as financial institutions under the Bank Secrecy Act. The Clarity Act does it.
Democrats voted no.
Democrats asked for major crypto holders to disclose their stakes and report sales to the SEC and the public. It’s in the Clarity Act.
Democrats voted against the same disclosure rules they wrote.
Democrats wanted crypto issuers held to the same fraud liability standard as every other securities filer. The Clarity Act applies Securities Act Section 17(a) liability to digital asset disclosures.
Democrats still voted no.
Democrats demanded audited financial statements for any crypto project raising more than $25 million from the public. It’s in the bill.
Democrats voted against the transparency they asked for.