White House Pushes July 4 Deadline for Digital Asset Market Clarity Act

The White House is accelerating efforts to pass the Digital Asset Market Clarity Act before July 4, according to Patrick Witt, executive director of the President’s Council of Advisors for Digital Assets. Speaking at CoinDesk’s Consensus Miami conference, Witt described the timeline as ambitious but achievable, positioning the legislation as a major milestone ahead of America’s 250th anniversary celebrations.

Witt explained that the Senate Banking Committee is expected to complete its markup process this month, followed by four Senate working weeks in June aimed at securing floor passage. The administration believes this schedule would leave enough time for the House of Representatives to vote on the crypto market structure bill before Independence Day. His comments came shortly after Senator Kirsten Gillibrand suggested the legislation may not reach President Donald Trump’s desk until early August.

A major breakthrough reportedly came after Senators Thom Tillis and Angela Alsobrooks introduced a compromise addressing stablecoin yield provisions. The agreement would prohibit stablecoins from offering interest comparable to traditional bank deposits while still allowing consumer rewards linked to spending activity. According to Witt, the White House facilitated negotiations between banking institutions and cryptocurrency firms before lawmakers finalized the proposal.

Witt noted that both the banking sector and crypto industry remain dissatisfied with parts of the compromise, which he argued signals a balanced solution. He added that the stablecoin yield debate is effectively resolved.

The administration is also negotiating conflict-of-interest provisions tied to digital asset legislation. Witt emphasized that the White House supports rules applied equally to all government officials while opposing measures targeting specific politicians or their families.

In addition, Witt highlighted ongoing implementation efforts for the GENIUS Act, the stablecoin regulation law passed last year. U.S. regulators, including the Treasury Department, OCC, and FDIC, are approaching a July deadline to complete rulemaking procedures after reviewing extensive public feedback.

Witt stressed that clear cryptocurrency regulation is essential for maintaining U.S. leadership in global financial markets and preventing rival nations such as China from shaping international digital asset standards first.