The White House Digital Assets Advisory Committee urged swift passage of the Clarity Act on the 8th, stating that issues are narrowing as negotiations continue. Committee Chair Patrick Witt said on X that good proposals are helping narrow points of contention following Senate markup, but emphasized that time is critical. The call comes as over 200 cryptocurrency companies including Coinbase and Ripple sent letters to Senate leadership requesting a floor vote, while the legislation remains stalled over ethics provisions despite passing the Senate Banking Committee markup last month.
Patrick Witt Emphasizes Urgency as Industry Coalition Urges Senate Vote
Patrick Witt, Chair of the White House Digital Assets Advisory Committee, stated on X on the 8th that "private consultations are continuing after the Senate markup and issues are narrowing." He added that "good proposals are continuing to narrow the issues, but time is critical," and predicted this week would be an important week for the Clarity Act.
Witt shared his comments alongside an article reporting that a coalition of over 200 cryptocurrency companies including Coinbase and Ripple urged a Senate vote on the Clarity Act. The coalition sent letters to Senate Majority Leader John Thune and Senate Minority Leader Chuck Schumer requesting a floor vote on the legislation.
Clarity Act Passed Senate Banking Committee Markup Last Month
The Clarity Act passed the Senate Banking Committee markup on the 14th of last month. The Banking Committee and Agriculture Committee must consolidate the bill and proceed to a floor vote, but the vote has not occurred due to remaining issues including ethics provisions.
Democrats Demand Ethics Provisions Citing Trump Family DeFi Conflicts
Democrats are pointing to conflicts of interest related to World Liberty Financial, a DeFi (decentralized finance) project involving U.S. President Donald Trump's family, and arguing that ethics provisions are needed to restrict public officials' use of digital assets.
Treasury Secretary Bessent Targets Summer Passage
The administration is pursuing passage this summer. Treasury Secretary Scott Bessent stated that "procedures are underway to enable passage of the Clarity Act this summer."
FAQ
What did Patrick Witt say about the Clarity Act on the 8th?
Patrick Witt, Chair of the White House Digital Assets Advisory Committee, stated on X on the 8th that private consultations are continuing after the Senate markup and issues are narrowing. He emphasized that good proposals are helping narrow points of contention but that time is critical, predicting this week would be important for the legislation.
Why has the Clarity Act floor vote not occurred despite passing Senate Banking Committee markup?
The Clarity Act passed the Senate Banking Committee markup on the 14th of last month, but the floor vote has not occurred due to remaining issues including ethics provisions. Democrats are demanding ethics provisions to restrict public officials' use of digital assets, citing conflicts of interest related to World Liberty Financial, a DeFi project involving President Donald Trump's family.
