White House digital asset advisor: Striving to finalize the legislation of the "Clear Act on the Digital Asset Market" by July 4th.

Patrick Witt, Executive Director of the White House Digital Asset Advisory Committee, revealed on Wednesday at CoinDesk's Consensus conference in Miami that the White House is pushing for Congress to pass the CLARITY Act (Digital Asset Market Clarity Act) before July 4. Witt said, "Our target is July 4. I think this will be an excellent birthday gift for the United States' 250th anniversary celebration." He further explained the specific progress path: the draft will be reviewed by the Senate Banking Committee this month, with a full Senate vote scheduled for the four weeks of June, allowing enough time for the House to vote before the Independence Day deadline. This timeline is more aggressive than the prediction made earlier in the same event by Senator Kirsten Gillibrand. The Democratic Senator from New York predicted that the bill would not reach the President for signing until the first week of August. Witt said, "There is not much room left now, but this timeline is still achievable." Witt revealed that the White House had previously convened banks and cryptocurrency companies to draft the bill text together, which was then handed to the Senators. The Senators pushed the legislative process forward on their own and ultimately reached a text that was not entirely satisfactory to either side but was acceptable to both. "The cryptocurrency industry is dissatisfied, and the banking industry also has objections, but the level of dissatisfaction on both sides is almost equal," Witt said, "That's why we believe this compromise has struck the right balance." He also said that the dispute over stablecoin returns "has been resolved." In addition, the White House is intensifying negotiations on a conflict of interest clause that has caused disagreements between Democrats and the government. Witt said the White House's negotiating position is to accept universal rules that apply to "everyone from the President to the newest intern on Capitol Hill," but to reject any provisions targeting specific positions or officials. He emphasized, "We will not allow provisions targeting anyone's family members or any specific politicians. I am optimistic about this and believe we can reach an agreement." When asked about the consequences of missing the 2026 legislative window for the CLARITY Act, Witt said, "If we do not set standards, do not write rules, then we can only become followers of the rules, following rules set by others."