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Crypto Regulation News
White House crypto adviser Patrick Witt said on Sept. 14 that he feels “very good” about the <a href="https://xpertsstudio.com/xrp-and-xlm-explode-8-as-the-clarity-act-nears-crucial-vote/” title=”XRP and XLM Explode 8% as the CLARITY Act Nears Crucial Vote”>CLARITY Act’s chances in the Senate, one day before a scheduled procedural vote that requires 60 votes to advance. Speaking at a Solana Policy Institute summit in Washington, Witt said the White House has worked to address every issue raised during negotiations and called the latest version of the bill the “best and final offer.”
Witt said Republicans had agreed to roughly 95% of requests from Democratic negotiators. He argued that any remaining opposition to the bill had become political rather than policy-driven. “Whether or not we get 60 votes is going to be a political calculation, not a policy calculation because this truly is a bipartisan bill that is worthy of support,” he said.
The White House adviser said President Donald Trump personally “blessed” further ethics concessions after sitting down with advisers on the prior Friday to review the provisions. Witt called the current ethics language the “strongest provision that would exist in federal ethics law” and said Trump was assured the section could not be “weaponized” against him. “These are historic and unprecedented provisions,” Witt said. “I wouldn’t want to be a Democrat that votes against these.”
What the Latest Ethics Provisions Actually Do
The revised CLARITY Act gives state attorneys general authority to pursue crypto exchanges that list improper assets and to go after the US attorney general for ethics violations. However, state prosecutors would not be able to directly target the president, vice president, members of Congress, or federal judges under the provision. Democratic staff on the Senate Banking Committee said that limitation was insufficient and raised concerns that Trump’s own appointees retain too much authority to shut down enforcement of the ethics section.
Senate Republicans released the updated draft on Sept. 14 without coordinating the changes directly with Democratic negotiators. The revised bill also made concessions on criminal prosecution ofdecentralized finance (DeFi) projects and adjusted the Blockchain Regulatory Certainty Act, which was amended to remove references to a federal criminal statute that would have protected certain non-controlling software developers. The Coin Center said the revised section showed progress but “stops short of resolving the essential criminal law issue” currently before the courts.
Related Article: An Imperfect CLARITY Act Beats More Delay, Say Crypto Execs
Banking Sector and DeFi Industry Both Push Back
A coalition of banking trade associations sent a letter to Senate leaders raising concerns aboutstablecoin yield provisions in the bill. The groups warned the current language contains loopholes that could allow interest-like payments on stablecoin balances, which they said could trigger deposit flight from traditional banks. Witt dismissed the concern as “entirely hypothetical and speculative.”
The crypto industry also expressed unease about the new DeFilanguage. Witt acknowledged the criticism but said the changes resulted from negotiations with Sen. Catherine Cortez Masto of Nevada and were necessary to move the bill forward. He added that a failed CLARITY Act would not halt regulatory action, pointing to the SEC and CFTC’s existing rulemaking authority as a fallback. Even if the bill clears the Senate’s 60-vote cloture threshold on Sept. 16, it would still face further amendment votes before heading back to a House of Representatives that may not reconvene until after the November midterm elections. House Majority Whip Tom Emmer, a supporter of the legislation, urged passage regardless of objections. “We can’t afford to lose another year,” Emmer said.
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