White House Seeks Passage of Cryptocurrency Bill Before July 4th

The White House has set its sights on passing the cryptocurrency market structure bill before July 4th, according to Patrick Witt, executive director of the Digital Asset Advisory Committee. In a recent conference, Witt stated that the goal is to pass the legislation into law by the deadline.

One of the main obstacles to the bill's passage has been the handling of stablecoin rewards in the Senate Banking Committee. However, a compromise language released last week appears to have resolved this issue, at least for now. The banking industry association remains concerned about the bill's insufficiencies, but Witt is optimistic that discussions with Democrats will yield positive results.

Another point of contention has been the inclusion of ethical provisions in the bill. New York Senator Kirsten Gillibrand has stated that she would not support the legislation without such provisions, and Witt has assured that discussions on this topic are progressing well. The rules outlined in the bill, he noted, will apply equally to all individuals, including new interns at the White House and Capitol Hill.