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Patrick Witt, executive director of the White House crypto council, said he was very optimistic as the U.S. Senate prepared for an initial procedural vote to advance floor consideration of the CLARITY Act, CoinDesk reported.
Witt said Republicans had accepted 95% of the Democratic negotiating team’s demands on the CLARITY bill, while President Donald Trump had shown a willingness to make additional compromises on government ethics provisions. He described those provisions as historic and unprecedented. Witt added that whether the bill secures enough votes in the Senate is a political calculation rather than a policy one, and said the measure deserves bipartisan support. He also said the administration is trying to correct past mistakes that sought to destroy the industry.
Addressing concerns that stablecoin rewards offered by banks could trigger deposit outflows, Witt dismissed them as entirely hypothetical and speculative. Referring to lengthy bipartisan negotiations, Witt also questioned what more opponents wanted and argued that if lawmakers oppose the CLARITY Act simply because they dislike crypto, they should say so openly.