- White House officials say daily negotiations on the CLARITY Act are progressing despite significant legislative hurdles.
- Key debates remain over ethics provisions, developer protections, stablecoin rewards, and SEC-CFTC oversight roles.
- More than 200 crypto organizations support the bill, citing the need for clearer digital asset regulations.
The race to pass the CLARITY Act by July 4 remains active as White House officials continue negotiations with lawmakers on key crypto policy issues. White House Crypto Council Executive Director Patrick Witt said discussions are progressing daily on agriculture oversight, ethics provisions, and developer protections, even as journalist Eleanor Terrett described the timeline as “logistically impossible” given the legislative hurdles still ahead.
White House Says Negotiations Are Advancing
Speaking with journalist Eleanor Terrett, Patrick Witt said the administration remains focused on the original July 4 target. According to Witt, negotiators continue working through concerns raised by Democratic senators.
“We’re still making great progress,” Witt said. He added that discussions now cover agriculture matters, ethics provisions, and BRCA-related issues.
According to Witt, stakeholders meet daily and continue exchanging draft proposals behind closed doors. He said groups remain at the table and are actively working toward consensus.
However, Terrett noted that meeting the deadline would require resolving ethics concerns, merging legislative texts, securing 60 Senate votes, and passing both chambers within two weeks.
Key Issues Still Divide Lawmakers
As negotiations continue, several policy disagreements remain unresolved. One major debate centers on whether stablecoin holders should earn passive income simply by holding tokens.
Some lawmakers support restrictions on passive-yield products. Others favor limited rewards tied to payments, staking activities, or platform participation.
Meanwhile, the legislation seeks to divide crypto oversight between the SEC and CFTC. The proposal aims to determine which digital assets qualify as securities and which qualify as commodities.
According to reports cited by Terrett, officials and crypto industry representatives recently held a 90-minute meeting focused on final negotiations before a possible Senate floor vote.
Industry Support Builds Around CLARITY Act
Support for the legislation continues to expand across the digital asset industry. More than 200 crypto companies and organizations, including Coinbase, Ripple, Kraken, Circle, and Binance.US, have reportedly signed a letter urging the Senate to vote on the bill.
Meanwhile, CFTC Chairman Mike Selig said the legislation would address long-standing regulatory uncertainty. Senator Cynthia Lummis also backed the measure, stating that the SEC and CFTC would finally have clearly defined responsibilities.
Lummis said the proposal would end jurisdictional uncertainty and reduce reliance on enforcement actions to shape crypto policy.
