CoinDesk Podcast Network Patrick Witt Says 'Let's Not Let Perfect Be the Enemy of Good' in Stablecoin Standoff
Feb 3, 2026
Patrick Witt, Executive Director of the President's Council of Advisors on Digital Assets at the White House, gives a concise take on high-stakes stablecoin negotiations. He discusses disclosure and marketing limits, the tug-of-war over earning yield on exchanges, how banks might adopt stablecoin innovation, and why the market structure bill is framed as essential for U.S. leadership.
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Agreement On Consumer Protections
- Patrick Witt says stakeholders agree not to deceive customers and that disclosures and prohibited marketing practices are common ground.
- He highlights that stablecoins should enable payments and collateral, not just idle bank-like yield.
Words Matter In Drafting
- Witt identifies the core tension around passive yield that resembles bank deposits and says negotiators must thread the needle.
- He stresses the importance of precise language because the words will be interpreted many times after passage.
Banks Should Embrace Convergence
- Witt urges banks and crypto firms to converge business models and seize opportunities like cross-border payments and micropayments.
- He recommends education and meeting each other halfway to bridge knowledge and trust gaps.