Patrick Witt: Presidential Advisor on Stablecoins, Agentic Commerce, and Digital Identity

So in an increasingly interconnected global economy, how do you think about non-USD stablecoins, both local issuance in foreign currencies around the world, or even American companies who are issuing in non-USD currencies elsewhere?

I think there's a place for all of them in the same way that there's a place for different currencies currently.

The US dollar doesn't necessarily crowd out Other currencies in the digital dollar world and the stablecoin world, there's a place for non-USD backed stablecoins as well.

I think part of that is somewhat dependent upon the frameworks that the different jurisdictions put in place themselves, as we've seen over in Europe with their stablecoin frameworks.

It's more restrictive.

It's more prescriptive to the market, and it makes it somewhat less useful from the standpoint of what's attractive in the market.

So I think with genius kind of setting the standard for what good looks like or what kind of the most utilized and most liquid, you know, government compliant stablecoin is.

I think you're probably going to see other jurisdictions either adopt the same framework, try and achieve reciprocity with the United States, which there's a mechanism for that, ingenious, or I think the existing frameworks in place might be adapted somewhat to more closely mirror what is ingenious.

Because we took an approach that was ultimately American in nature.

We're not necessarily going to dictate to the market exactly how to do this.

We're going to set minimum standards here, a baseline framework.

And then otherwise, we're going to let private companies issue and create these products.

And it's up to the market to ultimately adopt them.

So I think it's the right approach between appropriate regulation, but also allowing the private sector to move out and be able to pursue their businesses.

So in an increasingly interconnected global economy, how do you think about non-USD stablecoins, both local issuance in foreign currencies around the world, or even American companies who are issuing in non-USD currencies elsewhere?

I think there's a place for all of them in the same way that there's a place for different currencies currently.

The US dollar doesn't necessarily crowd out Other currencies in the digital dollar world and the stablecoin world, there's a place for non-USD backed stablecoins as well.

I think part of that is somewhat dependent upon the frameworks that the different jurisdictions put in place themselves, as we've seen over in Europe with their stablecoin frameworks.

It's more restrictive.

It's more prescriptive to the market, and it makes it somewhat less useful from the standpoint of what's attractive in the market.

So I think with genius kind of setting the standard for what good looks like or what kind of the most utilized and most liquid, you know, government compliant stablecoin is.

I think you're probably going to see other jurisdictions either adopt the same framework, try and achieve reciprocity with the United States, which there's a mechanism for that, ingenious, or I think the existing frameworks in place might be adapted somewhat to more closely mirror what is ingenious.

Because we took an approach that was ultimately American in nature.

We're not necessarily going to dictate to the market exactly how to do this.

We're going to set minimum standards here, a baseline framework.

And then otherwise, we're going to let private companies issue and create these products.

And it's up to the market to ultimately adopt them.

So I think it's the right approach between appropriate regulation, but also allowing the private sector to move out and be able to pursue their businesses.