White House Stays the Course as CLARITY Act Faces Senate Delay
The White House is committed to passing the CLARITY Act in September, despite the Senate's decision to delay action until after its August recess. Patrick Witt, executive director of the President's Council of Advisors for Digital Assets, stated that the administration will continue negotiating with Democrats 'all the way up until the September vote.' The Senate plans to hold a cloture vote on the bill in mid-September, which would require 60 votes to advance CLARITY toward a final vote.
The CLARITY Act aims to establish a federal market structure for digital assets, including rules governing when crypto tokens fall under securities or commodities laws and how trading platforms are regulated. However, several disagreements remain unresolved ahead of the September vote. Senate lawmakers have yet to address Democratic demands for stricter ethics provisions targeting Trump-linked crypto interests.
The banking groups have also pushed for changes to rules that could allow companies to pay rewards to stablecoin holders. The outcome of these negotiations will be crucial in determining the fate of the CLARITY Act.