The Trump administration is lobbying Senate Republicans to move forward with the Clarity Act, a crypto market structure bill now facing a procedural vote in the Senate on Tuesday afternoon. Chris Phelan, chair of the White House Council of Economic Advisers, said officials will launch an interactive tool on Tuesday that lets users adjust assumptions and run scenarios to test the claim that stablecoin growth does not have a material link to deposit outflows from community banks. Banking groups said the latest revisions to the bill still do not go far enough for them to accept its stablecoin provisions. The legislation needs at least 60 votes to advance, but the path remains uncertain. Texas Senator John Cornyn and several other Republicans have suggested they may vote against it, while pro-crypto Democrats have voiced dissatisfaction with how strongly the latest text restricts President Donald Trump. Patrick Witt, executive director of the White House Digital Assets Advisory Council, said the bill now includes measures meant to protect community banks.
The Trump administration is lobbying Senate Republicans to advance the Clarity Act, a crypto market structure bill that faces a procedural vote in the Senate on Tuesday afternoon.
Chris Phelan, chair of the White House Council of Economic Advisers, said officials will launch an interactive tool on Tuesday. The tool will allow users to set their own parameters and run scenarios meant to test the argument that stablecoin growth has no material relationship with deposit outflows from community banks.
Banking groups still oppose the stablecoin language
Banking industry groups said the latest changes to the bill are still not enough for them to accept its stablecoin provisions.
The legislation needs at least 60 votes to move forward. The Senate is scheduled to hold a procedural vote on Tuesday afternoon.
Support remains uncertain in the Senate
Texas Senator John Cornyn and several other Republicans have indicated that they may vote no. At the same time, pro-crypto Democrats have expressed dissatisfaction with the latest text, saying it does not place strong enough limits on President Donald Trump.
Patrick Witt, executive director of the White House Digital Assets Advisory Council, said the bill already includes measures designed to protect community banks.
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