White House Adviser Blames Senate Democrats for Delaying Crypto Bill

Crypto news today revolves around the delayed CLARITY Act, which aims to create federal rules for digital assets and divide oversight between two agencies. White House crypto adviser Patrick Witt has blamed Senate Democrats for delaying the bill before its August recess.

Witt claimed that Senate Minority Leader Chuck Schumer and other Democratic supporters of crypto policy blocked an initial vote in a last-ditch effort, requesting another extension for negotiations over disputed sections. The CLARITY Act seeks to define when tokens fall under securities or commodities law and assign specified duties to the Securities and Exchange Commission and Commodity Futures Trading Commission.

Senate Majority Leader John Thune has filed cloture on the motion to proceed with H.R. 3633, a move that begins the process for limiting debate and moving toward a floor vote. However, the measure requires bipartisan support, with at least seven Democratic or independent votes needed alongside every Republican's approval.