White House Makes Final Push for Crypto Bill With Senate Vote Looming
The White House is making its final pitch to senators for a crypto bill that would divide oversight of digital assets between the SEC and CFTC. According to Semafor, Senator John Cornyn expressed concerns about the latest text, stating 'I'm not sure [the latest text] addresses the issues I'm concerned about.' He added that he's 'looking forward to having a conversation and seeing where the votes are.'
The bill needs at least 60 senators to move forward. Patrick Witt, executive director of the president's Council of Advisers for Digital Assets, argued that the CEA analysis shows 'the data simply does not support the deposit flight narrative' pushed by bank lobbyists. He emphasized that the Clarity Act includes real safeguards to protect community banks if the scenario were to materialize.
Crypto-friendly Democrats have criticized the revised ethics provisions, arguing they don't go far enough in curbing Trump's influence. Senator Adam Schiff stated that the provision 'would cover federal employees other than the president, functionally' and 'not apply, in the current form, to the first family.' Senate Majority Leader John Thune remained non-committal, saying 'A week ago I would have said that didn't look good, but we'll see if that's changed.'