After years of regulatory uncertainty, Washington may finally be getting closer to a crypto rulebook.
Speaking with journalist Eleanor Terrett, White House Crypto Council Executive Director Patrick Witt said the administration is still targeting July 4 as the deadline for getting the bill across the finish line.
“We’re still making great progress,” Witt said. “Every day we’re making progress on all fronts.”
According to Witt, lawmakers and negotiators are actively working through the key concerns raised by Democratic senators. Discussions are taking place daily on issues related to agriculture oversight, ethics provisions, and broader regulatory matters, with stakeholders continuously exchanging draft proposals behind the scenes.
Leaked Details Reveal Key Sticking Points
The House already passed its version of the CLARITY Act in July 2025 with bipartisan support. Instead of adopting that framework, the Senate began developing its own version. Since then, several proposals have emerged, including discussion drafts from Tim Scott and Cynthia Lummis, a 182-page draft from the Senate Banking Committee, and a separate framework backed by Senate Democrats.
Recent reports from Terrett revealed that US officials and crypto industry leaders held a 90-minute meeting focused on the bill, with sources describing the legislation as being in its final negotiation phase before a potential Senate floor vote.
- As it goes, the lawmakers are in a dilemma over whether stablecoin holders should be allowed to earn passive income just by holding tokens. Some want to ban these “passive yield” products, while others support limited rewards linked to activities like payments, staking, or platform usage.
- The bill would split crypto regulation between the SEC and CFTC. The main goal is to clearly define which cryptocurrencies are securities and which are commodities, ending years of regulatory confusion.
- For years, crypto companies have been asking for clearer rules around decentralized finance (DeFi). They want to know which projects qualify for exemptions and what compliance requirements they must meet, as the current uncertainty is slowing innovation and investment.
Why the Next Few Weeks Matter
Support for the bill continues to grow. CFTC Chairman Mike Selig recently said, “The name CLARITY says it all. For too long, crypto markets have operated under uncertainty and opaque rules.”
Senator Cynthia Lummis also backed the effort, saying, “The rules for digital assets exist. We just have to make them law.”
Meanwhile, more than 200 crypto companies and organizations, including Coinbase, Ripple, Kraken, Circle, and Binance.US, have signed an open letter urging the Senate to hold a vote.
If the bill advances in the coming weeks, it could mark one of the most significant crypto regulatory developments the US industry has seen to date.
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