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White House adviser Patrick Witt says he is bullish on Clarity Act vote

The Clarity Act would create a federal regulatory framework for crypto, with a cloture vote scheduled for Sept. 15 before lawmakers return from an August recess.

Reported · Written up by our desk · Regulation

The Block reports that White House crypto adviser Patrick Witt said he is “optimistic and bullish” about the Clarity Act as lawmakers prepare for an initial vote on sweeping crypto legislation.

Speaking at the SALT conference in Wyoming on Tuesday, Witt said disagreements still need to be worked through, including issues tied to how stablecoin yield should be treated.

According to The Block, lawmakers are in a monthlong August recess, expected to return in mid-September, then leave again in October. Before the recess, Senate Majority Leader John Thune scheduled a cloture vote on the bill for Sept. 15.

The Block also notes that the Act, described as more than 600 pages, has faced repeated setbacks, and that disputes over stablecoin rewards have resurfaced after a prior compromise involving limits on rewards for holding versus rewards tied to transactions and payments.

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