White House Crypto Director: A Rule-Free Market Is ‘Fantasy’
The White House’s top crypto official said a rule-free market is a “fantasy,” underscoring growing impatience in Washington with calls for light-touch oversight. The remark comes as rifts widen within the industry: some firms and trade groups are urging acceptance of flawed legislation to secure baseline protections, while others prefer to hold out and gamble that a later fight might yield better terms—at the risk of harsher, retroactive enforcement. This debate matters because lawmakers and regulators are closely watching industry signals to shape timing and scope of federal rules. A push for compromise could speed clarity but leave unsatisfied parties vulnerable; a protracted standoff could invite stricter enforcement and market disruption. Expect intensified lobbying, coalition shifts, and careful investor scrutiny as Congress and agencies move toward concrete proposals.