The White House is still hopeful that the CLARITY Act might pass by July 4. Trump’s crypto advisor Patrick Witt weighed in on the approval time while discussions continue on critical policy matters raised by Democratic lawmakers.
Trump’s Crypto Advisor Speaks Up On CLARITY Act Approval Timeline
In a recent statement, Witt said discussions behind the scenes are ongoing and have been continuing at full throttle.
“The White House set a goal of July 4th for the Clarity Act to be passed. Is that still the timeline you guys are working with?” Terrett asked during an interview.
Witt said that lawmakers have continued to work on issues related to the CLARITY Act. These include concerns around agriculture oversight, ethics provisions, and the Bank Resolution and Consumer Act (BRCA).
“No, I think we’re still making great progress across the three areas that Democrat senators had raised as ones that they wanted to see progress on,” Witt added. Meanwhile, on the part of BRCA, the crypto industry has urged to pass the bill with developers protections intact.
Meanwhile, according to Witt, involved groups are having regular discussions with one another to help resolve differences and move the CLARITY Act forward. Recently, the White House also conducted a meeting to engage in further talks.
“So every day we’re doing the trifecta, either mornings or afternoons on ag, mornings or afternoons on ethics, and then the BRCA as that third one,” he explained. Moreover, Witt declared, “So we’re making progress on all fronts every day.”
His remarks come at a time when the crypto industry is closely tracking the CLARITY Act. It is the one of the most crucial crypto bills in Washington as it’ll offer a comprehensive regulatory framework for digital assets in the country.
Further, the talks continue in parallel, with several parties continuing to make proposals behind the scenes, Witt revealed. “Groups are at the table and trading paper,” he said.
He concluded, “And so I’m still optimistic that we could hit that timeline, but we’re doing a lot of work behind the scenes.”
What’s Next For The Crypto Market Structure Bill?
However, though Trump’s crypto advisor is optimistic on the CLARITY Act approval by July 4, prediction markets show a different picture. Kalshi shows only a 2% probability of the bill passing within this timeline.
Nonetheless, lawmakers like Senator Cynthia Lummis have backed the crypto bill. Lummis even expects a full Senate floor vote before the August recess. Her comments come after the bill got added to the Senate Legislative Calendar this month.
Passage of the CLARITY Act would likely bring more clarity to digital asset regulation, per industry stakeholders including Ripple CEO Brad Garlinghouse. It will also specify the role for U.S. regulators like the SEC and the CFTC.
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