White House Aims for July 4 Passage of Digital Asset Market Clarity Act

On May 6, 2026, Patrick Witt indicated that the White House is aiming for a July 4 target for the passage of the Digital Asset Market Clarity Act. Witt, who serves as the executive director of the President’s Council of Advisors for Digital Assets, shared this timeline during the Consensus Miami conference.

Witt outlined a timeline involving a markup by the Senate Banking Committee later this month, with four weeks in June for the Senate to consider the bill before it is brought to the U.S. House of Representatives for a vote before the holiday. He stated, “We’re targeting July 4th. I think that would be a tremendous birthday present for America, celebrating our 250th.” This optimistic outlook contrasts with a previous prediction made by Senator Kirsten Gillibrand, who anticipated the Clarity Act reaching the president’s desk by early August.

A significant development occurred earlier in May when Senators Thom Tillis and Angela Alsobrooks established a compromise regarding the stablecoin-yield provisions. This agreement prohibits banks from offering returns equivalent to bank deposits on stablecoins but allows for spending-related rewards. Witt mentioned that both crypto and banks were dissatisfied with the arrangements, suggesting that the compromise may have resolved the competing interests adequately.

Another key aspect of the discussion is a conflict-of-interest provision that the White House is negotiating. This provision would apply broadly to all government officials rather than targeting specific individuals, in response to concerns about political figures’ ties to the crypto industry. Witt noted a preference for rules that apply universally, stating, “We’re not going to allow targeting of anyone’s family, any one particular politician.”

Witt expressed that failure to set regulatory standards domestically may lead the U.S. to follow other countries' regulations, particularly highlighting potential implications of China's influence if the U.S. does not act decisively. He connected the issue of regulatory leadership to the broader context of U.S. dominance in global capital markets, emphasizing the importance of the Clarity Act for American economic interests.

Additionally, Witt provided insights on the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which was passed the previous year and is facing a July deadline for rulemaking by various U.S. financial authorities. He remarked on the complexities involved in drafting regulations that balance industry growth with necessary oversight.