The White House is sticking to its July 4 target for passing the CLARITY Act, even as logistical and political obstacles mount. Patrick Witt, Executive Director of the White House Crypto Council, told journalist Eleanor Terrett that negotiations happen daily on agriculture oversight, ethics provisions, and developer protections. Terrett, however, called the timeline "logistically impossible" given the remaining legislative steps.
Daily Closed-Door Talks, Sticking Points Remain
Witt said stakeholders meet every day and exchange draft proposals behind closed doors. Discussions now cover agriculture matters, ethics provisions, and BRCA-related issues. "We’re still making great progress," Witt added. But Terrett noted that meeting the deadline would require resolving ethics concerns, merging legislative texts, securing 60 Senate votes, and passing both chambers within two weeks.
A key unresolved debate: whether stablecoin holders should earn passive income simply by holding tokens. Some lawmakers back restrictions on passive-yield products, while others favor limited rewards tied to payments, staking, or platform participation.
Meanwhile, the bill seeks to divide crypto oversight between the SEC and the CFTC, determining which digital assets count as securities and which as commodities. According to reports cited by Terrett, officials and crypto industry representatives recently held a 90-minute final negotiation session before a possible Senate floor vote.
Over 200 Crypto Firms Urge Senate Vote
Industry support keeps building. More than 200 crypto companies and organizations — including Coinbase, Ripple, Kraken, Circle, and Binance.US — have reportedly signed a letter urging the Senate to vote. CFTC Chairman Mike Selig said the legislation would address long-standing regulatory uncertainty. Senator Cynthia Lummis also backed the measure, stating that the SEC and CFTC would finally have clearly defined responsibilities, ending jurisdictional confusion and reducing reliance on enforcement actions to shape crypto policy.
With only two weeks until July 4, it remains unclear whether negotiations can break the political impasse. But both the White House and the industry are signaling they are not giving up.