Patrick Witt, secretary general of the White House Crypto Council, described progress on the CLARITY Act as “very positive” ahead of the bill’s first procedural vote in the Senate.
Witt said Republicans had accepted up to 95% of the Democratic negotiators’ demands during negotiations over the CLARITY Act. He also said President Donald Trump had agreed to additional concessions on government ethics provisions, calling them “historic and unprecedented provisions.”
He argued that whether the bill has secured enough votes has become a matter of political judgment rather than policy, saying, “This bill deserves bipartisan support.” He added that the administration was correcting past policy mistakes that had sought to eliminate the cryptocurrency industry.
Responding to the banking sector’s claim that stablecoin rewards could lead to deposit outflows, he said the concern was “entirely hypothetical and purely speculative.” Witt emphasized the lengthy bipartisan negotiations and said that those opposing the bill because of hostility toward crypto itself should make that clear.