White House Aims for Independence Day Crypto Legislation Passage

The White House is racing to pass broad crypto legislation into law by July 4, a deadline set by Patrick Witt, the top crypto adviser to the administration. The legislation would be a major milestone for the crypto industry, regulating it at the federal level for the first time.

The bill has already cleared the House last year and is now being considered in the Senate Banking Committee. However, ethics provisions remain a hurdle, with many Senate Democrats raising concerns over President Trump's and his family's crypto connections. Bloomberg estimated that these connections have brought in around $1.4 billion since inauguration.

The committee could hold a hearing to amend and vote on the bill as early as next week, with Witt expressing optimism about finding a compromise on ethics language. He emphasized that any such language would need to apply equally to all officeholders and employees, not just target specific individuals or families.