Unchained
Unchained
Laura Shin
Bits + Bips: Why the White House Says Crypto Must Grow in America - Ep. 951
1 hour 2 minutes Posted Nov 19, 2025 at 1:00 am.
Intro
Why Patrick calls the Senate Ag draft a “big step forward”
How the bill tackles DeFi—and why it’s so complex
Why the presidency is putting so much weight on crypto policy
What happens behind the scenes to move a bill like this
Whether the bill could get modularized (including pulling DeFi out)
Why Chris says crypto is simply a better product
The shortand long-term implications of passing a market-structure bill
The KYC/AML problem in permissionless systems
Privacy: finding the balance between user protection and public ledgers
How Democrats have increasingly joined the conversation
Why Patrick is optimistic we’ll get a Senate vote this year
How Patrick sees AI + crypto converging into a major opportunity
What’s happening in markets, and whether a regime shift is underway
How institutions are entering, and what keeps them up at night
Why Ram calls the Cantor Conference the best for digital assets
What Paolo Ardoino revealed about the future of Tether
Signals that typically mark a market top and why spotting winners is so hard
Ram’s key catalysts to watch for the next market leg
Whether 60 Minutes misrepresented CZ
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Show notes
Hosts Austin Campbell, Ram Ahluwalia, and Chris Perkins sit down with Patrick Witt, Executive Director of the President’s Council of Advisors for Digital Assets at the White House, to break down the latest updates in the crypto market structure bill and the political calculus behind it.
Patrick discusses how Democrats have started to listen more actively, why DeFi remains one of the most complicated pieces of the bill, and how the administration is thinking about innovation versus incumbency. 
Later, the group turns to markets: whether the Fed is shifting regimes, why institutions move slowly but decisively, and what catalysts could matter most in the months ahead.
Sponsors:
Walrus
Hosts:
Ram Ahluwalia, CFA, CEO and Founder of Lumida
Austin Campbell, NYU Stern professor and founder and managing partner of Zero Knowledge Consulting
Christopher Perkins, Managing Partner and President of CoinFund
Guest:
Patrick Witt, Executive Director of the President's Council of Advisors for Digital Assets at the White House
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