White House Adviser Patrick Witt Sets July 4 Target for Digital Asset Market Clarity Act

White House digital assets adviser Patrick Witt told an industry conference that the administration is targeting July 4 for congressional passage of the Digital Asset Market Clarity Act. Witt said the Senate Banking Committee markup on the market structure bill is scheduled for this month, followed by four working weeks in the Senate in June to allow time for House action before the Independence Day deadline.

"We're targeting July 4th. I think that would be a tremendous birthday present for America, celebrating our 250th," Witt said, according to CoinDesk. A New York senator forecast earlier the same day that the bill could reach the president's desk in early August.

"There's not a lot of slack left in the rope right now," Witt said.

The path forward opened after a compromise was reached in early May on the bill's stablecoin yield provisions. The agreement bans bank-deposit-equivalent yield on stablecoins while permitting rewards tied to spending, Witt said. White House officials had convened banks and crypto firms to develop the language before handing it to senators.

"Crypto is unhappy, banks are unhappy, but they're both about equally unhappy," Witt said. " Witt added that the stablecoin yield issue is now closed.

The White House is also nearing agreement on a conflict-of-interest provision that had divided some lawmakers and the administration. Officials are pushing for language that applies across the board to every federal position from the president to a new intern rather than targeting any single office or individual.

"We're not going to allow targeting of anyone's family, any one particular politician," Witt said.

Witt warned that if the legislation does not pass in 2026, the United States risks becoming a rule follower instead of a rule setter in digital assets. Officials added that American leadership in global capital markets helps underwrite U.S. hegemony.

Witt also addressed implementation of the Guiding and Establishing National Innovation for U.S. Rulemaking by multiple federal agencies, which is approaching a one-year July deadline. Officials noted they received a large volume of public comments as required under the Administrative Procedures Act.

Witt described the stablecoin law as striking the efficient frontier of regulation, providing enough oversight for the industry to flourish without imposing excessive burdens that could stifle innovation.

Separately, White House official Patrick Witt said a Bitcoin Strategic Reserve announcement is expected within weeks. The comment comes as bitcoin traded above $82,000 following recent market moves.

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