Patrick Witt, executive director of the President’s Council of Advisors for Digital Assets, announced at CoinDesk’s Consensus Miami conference that the White House is aiming to have Congress pass the Digital Asset Market Clarity Act by July 4. “Celebrating our 250th with this would be a tremendous birthday present for America,” Witt noted. The plan involves Senate Banking Committee markup in June, four working weeks in the Senate and sufficient time for a U.S. House vote before Independence Day.
This timeline is more ambitious than Sen. Kirsten Gillibrand’s prediction of Clarity reaching the president by early August. “We’re on a tight schedule,” Witt admitted. “Yet it’s doable.” The path to markup was enabled when senators Thom Tillis and Angela Alsobrooks released an amended bill in May, addressing stablecoin-yield provisions by banning bank-deposit-equivalent yield but allowing rewards based on spending. Witt explained that the White House collaborated with banks and crypto firms before passing the language to the senators for further refinement.
“Both crypto and banking sectors are dissatisfied,” said Witt, suggesting a balanced compromise had been reached. He indicated the stablecoin-yield issue was now resolved.
The administration is nearing an agreement on the conflict-of-interest provision that has caused division among Democrats. Witt emphasized seeking rules applicable universally, from the president to interns, while rejecting provisions targeting specific individuals or their families. “I am optimistic about resolving this,” he stated.
Witt warned of potential repercussions if Clarity fails by 2026: without establishing standards, the U.S. could fall behind in regulatory leadership, potentially ceding influence to countries like China. He highlighted that maintaining U.S. leadership in global capital markets is crucial for sustaining American dominance.
In addition, Witt touched upon the GENIUS Act, a stablecoin-issuer law enacted last year, with rulemaking by key financial agencies approaching its one-year deadline. “These are complex issues requiring adherence to the Administrative Procedures Act and extensive public feedback,” he said. Witt praised the act as an example of balanced regulation that supports industry growth without stifling innovation.