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Crypto Regulation News
The White House’s top cryptocurrency adviser said on Aug. 18 that he expects the CLARITY Act to clear a key Senate procedural vote next month, even as two separate disputes over stablecoin rewards and presidential ethics language remain unresolved. Patrick Witt made the remarks at the SALT conference in Wyoming, where senators and crypto policy figures gathered to discuss the status of the legislation.
Senate Majority Leader John Thune had scheduled a cloture vote on the bill for Sept. 15 before Congress broke for its month-long August recess. Lawmakers are expected to return to Washington in mid-September before leaving again in October.
“We’ll be sitting down with Democrats and really trying to hash out the areas where there are disagreements and get a solid vote on the 15th,” Witt said. “But I am truly optimistic and bullish about it.”
Stablecoin Yield Fight Returns
The CLARITY Act, a bill exceeding 600 pages that would create a comprehensive federal regulatory framework for the crypto industry, has faced repeated delays since its introduction. Among the most contested issues has been how to classify stablecoin yields, which allow users to earn interest on deposited funds. The debate pulled in the banking sector and extended for months before Sens. Angela Alsobrooks, a Democrat from Maryland, and Thom Tillis, a Republican from North Carolina, struck a compromise in May. Under that deal, platforms cannot pay rewards simply for holding a stablecoin, but rewards connected to payments and transactions are permitted.
Related Article: White House Pledges September Push For CLARITY Act Amid Senate Delay
Despite that agreement, Senate Banking Committee Chair Tim Scott, a Republican from South Carolina, told the same Wyoming audience that the stablecoin dispute has reopened. “We thought it was all settled, but now they have a rearview mirror that’s getting bigger and the windshield is getting smaller,” Scott said. “So we’re going to have to wrestle that down one more time.”
Ethics Provision Adds a Second Front
A separate conflict over ethics language has added to the bill’s complications. Democrats have pressed for stronger provisions addressing Trump’s expanding personal crypto holdings. Trump has already agreed to language barring public officials and their spouses from issuing or sponsoring digital assets, with a sunset clause ending in January 2029. The provision still permits officials to hold investments in digital assets.
Trump is now weighing a newer proposal from Sens. Ruben Gallego, a Democrat from Arizona, and Tillis, which would allow state attorneys general to enforce the restriction. Sen. Cynthia Lummis, a Republican from Wyoming who appeared on the same panel, said she does not know whether the president will accept the new terms. “I don’t know what he’ll do, but I can tell you he’s already agreed to more than any president in history,” Lummis said.
Witt gave no specific timeline for when White House talks with Democratic lawmakers would conclude ahead of the Sept. 15 vote.
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