Gate News message, April 18 — Patrick Witt, Executive Director of the President’s Council of Advisors for Digital Assets, disclosed at the Solana Policy Institute summit that the White House intervened to resolve a stablecoin dispute that nearly derailed the Clarity Act. The mediation brought together banks and crypto companies to find mutually acceptable language, resulting in a compromise that neither side fully endorses but both can proceed with.
Witt outlined the tight legislative timeline, noting that action must occur before the August recess to advance the bill from the banking committee. The Clarity Act must then clear the Senate, undergo reconciliation, pass the House, and reach President Trump’s desk. Banks sought stricter rules if crypto firms operate as banks, while crypto players opposed additional regulatory layers; the final version balances both positions.
Following the bill’s passage, the focus shifts to crypto taxation. Witt emphasized that implementation will prove contentious, with rule-making processes spanning months to years. The SEC and CFTC are coordinating closely to avoid duplicative regulations. On the Strategic Bitcoin Reserve, Witt indicated an announcement is expected within the coming weeks or next month or two, including both executive actions and new legislation.
Meanwhile, traditional financial institutions are already moving forward. Banks and financial firms recognize blockchain integration as essential to their competitive strategy in the evolving market and are actively building, hiring, and exploring blockchain capabilities.
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