White House Vows to Push Through CLARITY Act Despite Senate Delays
The White House has reaffirmed its support for the CLARITY Act, which aims to establish federal oversight of major crypto trading and issuance activities. According to Patrick Witt, the administration's crypto policy chief, the White House is 'fully committed' to passing the bill in September.
A cloture vote on September 15 will require 60 senators to advance the legislation, but the White House is confident that it can secure the necessary support. The CLARITY Act divides digital-asset oversight between the SEC and CFTC, giving the Commodity Futures Trading Commission authority over digital commodity exchanges, brokers, and dealers.
The bill also mandates market monitoring, recordkeeping and disclosures, and safeguards for customer assets, as well as maintaining federal anti-fraud authority for all regulated crypto activities. Despite some disputes among senators over ethics restrictions and decentralized finance provisions, the White House remains optimistic about the bill's chances of passage.