Witt: Republicans Met 95% of Demands on CLARITY Act Ahead of Crucial Senate Vote
White House crypto adviser Patrick Witt expressed confidence in the chances of the CLARITY Act passing in the Senate, saying Republicans have met around 95% of Democratic demands. The bill aims to regulate the cryptocurrency industry and address ethics concerns.
The current version of the bill includes revised language on ethics provisions that President Donald Trump personally 'blessed' after reviewing them with his advisers last Friday. Witt stated that these ethics provisions are the strongest in federal law, assuring they cannot be used against the president or his appointees.
However, some concerns remain among Democratic staff and the crypto industry. The revised bill gives state attorneys general authority to pursue cryptocurrency exchanges listing improper assets but limits this power when it comes to targeting the president, vice president, members of Congress, or federal judges. A coalition of banking trade associations has also expressed unease about stablecoin provisions in the bill.
Witt acknowledged these concerns but emphasized that a failed CLARITY Act would not halt regulatory action, as existing agencies like the SEC and CFTC still have rulemaking authority. The Senate is set to vote on the cloture threshold tomorrow, September 16.