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White House Crypto Adviser Patrick Witt described the Clarity Act as the most critical remaining piece of U.S. cryptocurrency legislation.
Speaking at the Ondo Finance Summit yesterday, he emphasized the Clarity Act’s significance and how closely industry stakeholders tie the bill to their business models.
Key Points
- White House adviser Patrick Witt says the Clarity Act is the final piece needed to complete the U.S. crypto policy framework.
- He describes the bill as the “crown jewel” of the current agenda, with some industry leaders viewing it as more critical than the GENIUS Act.
- Witt argues the act offers substantial industry benefits and urges stakeholders to refine it rather than derail its passage.
- While the Senate Agriculture Committee has advanced its portion, the Banking Committee’s markup remains delayed.
Clarity Act is the Crown Jewel of the Current Legislative Agenda
According to Witt, the Clarity Act is the “crown jewel” of the current legislative agenda, positioning it as the final measure needed to complete the emerging crypto policy framework.
Moreover, he noted that the bill has attracted broad industry support, with some sectors viewing it as even more essential than the GENIUS Act. This is largely because the GENIUS Act centers on stablecoins, whereas the Clarity Act addresses the broader crypto industry.
As discussions continue, Witt observed growing alignment among stakeholders, signaling a shared commitment to advancing the legislation. Ultimately, he argued that the bill offers meaningful benefits to both crypto firms and banks and should therefore be refined rather than derailed.
Current Status of Clarity Act
The Clarity Act, passed by the House in mid-2025, aims to deliver long-sought regulatory certainty in the crypto sector by clarifying the status of digital assets and their appropriate regulator–between the CFTC and SEC.
However, the bill has stalled in the U.S. Senate as banking and crypto executives remain divided over key provisions, particularly stablecoin yields.
While the banking sector supports an outright ban on stablecoin yields, as highlighted in the Senate Banking Committee’s latest draft, many crypto leaders, including Coinbase CEO Brian Armstrong, are pushing to restore yield provisions.
As a result, the Banking Committee suspended its planned markup, even as the Agriculture Committee narrowly advanced its portion of the bill in late January.
No Agreement Reached in White House Meeting
To bridge the divide, the White House, represented by Witt, convened a meeting this week to address disagreements between both sectors. Although no final consensus has emerged, reports indicate that the administration has set an end-of-February deadline to reach agreement on stablecoin yields.
Despite the impasse, Witt expressed confidence that the issues will be resolved, arguing recently that there is no reason to “throw the baby out with the bathwater” given the Clarity Act’s broad benefits.