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The White House wants the Digital Asset Market Clarity Act passed by July 4, according to Patrick Witt, executive director of the President’s Council of Advisors for Digital Assets.
Witt said the administration aims to move the bill through the Senate Banking Committee in May, bring it to the Senate floor in June and line up final House action before Independence Day.
May Markup Comes Before June Senate Push
The CLARITY Act is the main U.S. crypto market structure bill. It would define how digital assets are regulated and clarify oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission.
Witt said the Senate Banking Committee is expected to advance the legislation later this month. That would be the next major step before the bill can move to the Senate floor.
The timeline remains tight. Congress would need to clear committee work, settle remaining policy disputes and coordinate final House action in less than two months.
Stablecoin Yield Compromise is Said to be Closed
One major sticking point has been stablecoin rewards. Banks have pushed to block crypto firms from offering yield-like incentives that could compete with deposits, while crypto companies have argued that user rewards and payment incentives should remain allowed.
Witt said that compromise is now “closed.” The reported framework would ban rewards that resemble bank-deposit interest while still allowing incentives tied to actual platform activity.
If lawmakers accept the language, the compromise could remove a major obstacle to Senate progress.
Ethics Language Remains July 4 Hurdle
Conflict-of-interest language is still being negotiated. Witt said the White House is open to broad ethics rules covering government officials, but does not support provisions aimed at specific politicians or their families.
The issue has become politically sensitive as Democrats seek stronger rules for officials and family members with crypto interests.
The July 4 target now puts pressure on lawmakers to resolve the remaining ethics and jurisdiction issues quickly. The next test is whether the Senate Banking Committee can move the bill in May and keep the June floor timeline intact.
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Fhumulani Lukoto
Cryptocurrency Journalist
Fhumulani Lukoto holds a Bachelors Degree in Journalism enabling her to become the writer she is today. Her passion for cryptocurrency and bitcoin started in 2021 when she began producing content in the space. A naturally inquisitive person, she dove head first into all things crypto to gain the huge wealth of knowledge she has today. Based out of Gauteng, South Africa, Fhumulani is a core member of the content team at Coin Insider.