White House Blames Banking Lobbyists for Crypto Bill Block
The White House is pushing back against claims that President Donald Trump's crypto holdings derailed the Digital Asset Market Clarity Act, which was blocked by the U.S. Senate last week.
Crypto adviser Patrick Witt argued that the administration accepted unusually strict ethics concessions during negotiations, including possible divestiture or a blind trust for Trump's crypto interests.
The White House also agreed to an ethics provision allowing state attorneys general to sue the federal government for enforcement failures, which Witt described as the most far-reaching ever offered by a president.
Witt blamed large banks for opposing the bill due to competition from stablecoin rewards and said policy focus is shifting to regulators like the SEC.