White House Seeks Passage of Digital Asset Market Transparency Act by July 4

The White House is working to pass the Digital Asset Market Transparency Act, which seeks to regulate cryptocurrency markets in the United States. The bill's progress is being closely monitored by Senate committees, with a potential vote in the House of Representatives before July 4.

A key compromise on stablecoin yields has helped pave the way for the legislation. Under the revised bill, yields similar to traditional bank deposits are now forbidden for stablecoins, although spending-based rewards are still permitted. This middle ground was reached after White House coordination with both banks and crypto firms.

The White House is also emphasizing the importance of conflict of interest provisions in the bill. While disagreements persist between Democrats and the administration, the White House has signaled support for broad, universal rules but opposes measures targeting specific officials or their families. This approach aims to strike a balance between regulation and innovation.