White House reportedly plans to pass crypto regulation bill by July 4th

U.S. cryptocurrency regulatory legislation is entering a tighter timeline. Patrick Witt, Executive Director of the Presidential Digital Asset Advisory Board, said at the CoinDesk Consensus Miami conference on Wednesday, the White House is targeting the passage of the Clarity Act through Congress by July 4th, calling it a "birthday gift" for the 250th anniversary of the nation's founding.

The key to this bill is to establish clearer regulatory boundaries for the digital asset market. For trading platforms, stablecoin issuers, banks, and crypto companies, when the rules take effect will directly affect subsequent compliance paths and product designs.

According to Witt's schedule, the Senate Banking Committee needs to complete the markup process this month, with the full Senate pushing for passage within the four working weeks in June, followed by the House of Representatives needing to vote before July 4th. He admits that this timeline has almost no buffer, but still believes it can be achieved.

This goal is significantly faster than Senator Kirsten Gillibrand's judgment on the same day at the conference. Gillibrand estimates that the Clarity Act will reach the President's desk in the first week of August, meaning the White House is attempting to advance the legislative pace by several weeks at least.

The biggest push currently comes from the stablecoin yield provision. Senators Thom Tillis and Angela Alsobrooks proposed a compromise plan at the beginning of May, banning stablecoins from offering yields equivalent to bank deposits, but retaining space for rewards related to consumption. Witt's statement is that both the crypto industry and banks are dissatisfied and "about equally dissatisfied," indicating that a compromise has been found and the stablecoin yield controversy has basically been settled.

What remains unresolved is the conflict of interest clause. Witt said that the White House can accept unified rules applicable to everyone, but opposes arrangements targeting a particular position, political figure, or their family members, which means related negotiations could still impact the final timeline.

If the bill is delayed beyond 2026, Witt points to the risk of global rule-making authority. He said that if the United States does not take the initiative to set the rules, it may become a follower of the rules, which is also the core background of the White House's push for the accelerated passage of the Clarity Act.