White House targets July 4 for Clarity Act passage, says crypto adviser Patrick Witt
The executive director of the President’s Council of Advisors for Digital Assets said the Senate Banking Committee hearing will happen this month on market structure. bill.
What to know:
- White House digital-assets adviser Patrick Witt said the administration is targeting July 4 for House passage of the Clarity Act, with the Senate Banking Committee markup planned for this month and four working Senate weeks in June for floor passage.
- The stablecoin-yield compromise inside Clarity between Sens. Thom Tillis and Angela Alsobrooks “is closed,” Witt said.
- The White House is pushing for a conflict-of-interest provision that applies “across the board” rather than targeting any single officeholder, in response to advocates who raised it as an answer to President Donald Trump’s crypto interests.
“We’re targeting July 4th. I think that would be a tremendous birthday present for America, celebrating our 250th,” Witt said. The mechanics, according to Witt, are: Senate Banking Committee markup this month, four working Senate weeks in June for floor passage and enough runway for a U.S. House of Representatives vote before the Independence Day deadline.
That timeline runs ahead of the prediction Sen. Kirsten Gillibrand shared on the same stage earlier in the day, when the New York Democrat predicted Clarity would reach the president’s desk by the first week of August.
“There’s not a lot of slack left in the rope right now,” Witt said. “But it is an achievable timeline.”
The path to markup opened when Sen. Thom Tillis (R-NC) and Sen. Angela Alsobrooks (D-MD) released a compromise on the bill’s stablecoin-yield provisions in early May, banning bank-deposit-equivalent yield on stablecoins while leaving room for rewards tied to spending. Witt said the White House convened banks and crypto firms to fashion the language, then handed it to the senators, who ran their own process and arrived at a text both sides found equally unsatisfying.
