White House Aims to Regulate Cryptocurrency Markets by Independence Day

The White House is making progress towards regulating the cryptocurrency market in the United States with the proposed Digital Asset Market Transparency Act.

According to Patrick Witt, Executive Director of the President’s Digital Assets Advisory Council, relevant committees will begin reviewing the bill this month, with a potential vote in the House of Representatives by July 4 if progress stays on schedule. However, Senator Kirsten Gillibrand projected that the bill might only reach the President's desk for final approval in early August.

A stablecoin compromise reached in May has paved the way for the bill to move forward, with yields similar to traditional bank deposits being forbidden for stablecoins. This change was made after Senators Thom Tillis and Angela Alsobrooks negotiated a deal that balances the interests of banks and crypto firms.