White House Urges Senate to Pass Clarity Act by Mid-September

The White House is pushing for the passage of the CLARITY Act in September, which aims to establish a federal framework for digital assets. The bill would clarify when tokens are treated as securities or commodities and how trading platforms are overseen.

White House official Patrick Witt confirmed that negotiations with Senate lawmakers are ongoing to secure passage by mid-September. However, Democratic lawmakers' demands for stricter ethics provisions related to Trump-linked crypto interests remain unresolved, complicating the bill's prospects.

Banking groups are also seeking revisions to reward-related clauses for stablecoin holders, which could impact the bill's chances of passing.