The Trump administration plans to keep working with Democrats to reach a deal on the CLARITY Act before the Senate votes in September, according to Patrick Witt, the White House’s top crypto policy official.
Witt, executive director of the President’s Council of Advisors for Digital Assets, said Tuesday that the administration would continue negotiations with Democrats until the September vote, while warning that the process could not continue indefinitely.
The Senate is expected to hold a procedural vote on the bill in mid-September. The vote would require 60 senators to move the CLARITY Act forward toward final passage.
The legislation aims to create a federal regulatory framework for digital assets, including clearer rules on when crypto tokens are treated as securities or commodities and how crypto trading platforms are regulated.
Several issues remain unresolved. Democrats are seeking stronger ethics rules related to President Donald Trump’s crypto interests, while banking groups want changes to proposed rules that could allow companies to offer rewards to stablecoin holders.
The Senate delayed action on the bill until after its August recess, making the September vote a key test for US crypto market structure legislation.
Featured image from: Cointelegraph.com