Patrick Witt, executive director of the President’s Council of Advisors for Digital Assets, announced a July 4 target date for passing broad crypto legislation into law, speaking Wednesday at the Consensus conference in Miami. Witt stated the Senate could advance the legislation in June, leaving time for the House to reconcile its previously passed version with the Senate’s version.
Senate Legislative Timeline
The Senate has been working to advance a bill that would regulate the crypto industry at the federal level for the first time, with jurisdiction divided between the Commodity Futures Trading Commission and the Securities and Exchange Commission. The Senate Banking Committee could hold a hearing to amend and vote on the bill as early as the following week.
Stablecoin Rewards Compromise
The main sticking point in passing the bill in the Senate Banking Committee involved the treatment of stablecoin rewards. According to the source, compromise language was released last week that appeared to resolve this issue, though bank trade groups have argued that it “falls short.”
Ethics Concerns and Trump Family Crypto Holdings
A new issue has emerged regarding ethics. Senate Democrats have raised concerns over President Donald Trump and his family’s crypto connections. Bloomberg estimated that Trump and his family’s crypto assets have brought in approximately $1.4 billion. Both Trump and his wife, Melania Trump, launched memecoins ahead of the inauguration, and the family has led the DeFi and stablecoin project World Liberty Financial.
Sen. Kirsten Gillibrand, D-N.Y., stated at Consensus in Miami that there would be no support for the bill without an ethics provision.
Compromise Language on Ethics
On Wednesday, Witt said discussions with Democrats have been productive, noting that they have been consistent in saying that language cannot target “anyone’s family, any one particular politician.” Witt stated: “I think we’re getting a lot closer to a compromise on that, and I’m optimistic that we’re going to be able to close that out as well.”
When pressed about whether language would include the president, Witt clarified that rules would apply equally to the president and all officials, stating: “It is if you’re applying rules that you’re only trying to single out one particular office holder or one particular individual, that is not something we are going to entertain.”
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Lummis Warns Clarity Act Delays Risk Pushing Crypto Firms Overseas
Senator Cynthia Lummis warned on May 6, 2026, that delays in the Digital Asset Market Clarity Act could push crypto companies, developers, and capital out of the United States entirely. According to Lummis, "Every day we delay the Clarity Act is a day American companies consider building their
CryptoFrontier2m ago
Financial Supervisory Commission 5/7: VASP bill sent to the Legislative Yuan; 5 banks approve custody of virtual assets; Bank of Taiwan completes a gold token pilot program
The Financial Supervisory Commission’s 5/7 report shows that the VASP Act draft was approved on 4/2 and submitted to the Legislative Yuan. Stablecoins must be permitted, backed by fully reserved assets, must not pay interest, and require regular disclosures. The pilot approval for virtual asset custody has authorized 5 banks, and 8 banks have completed inter-bank gold token clearing. RWA tokenization has completed concept validation in bonds and funds, with a gold clearing proof-of-concept implemented, and it is also advancing FinLLM, post-quantum cryptography, and AI governance.
ChainNewsAbmedia29m ago
Kenya arrests suspects over an AI crypto investment scam platform, court orders 7 days of detention
Local media, citing court documents, reported that Kenya’s Criminal Investigations Department (DCI) Capital Markets Fraud Investigations Unit arrested suspect Dickson Ndege Nyakango at the I&M Bank branch on Kenyatta Avenue on May 4. DCI detectives told the court that the alleged fraud platform had scammed about $440k from multiple investors. The court ordered Nyakango be remanded in custody at the Kilemani Police Station for seven days.
MarketWhisper49m ago
U.S. Democratic Rep. Horsford Supports Crypto Assets in Retirement Accounts at Consensus 2026
According to Foresight News, U.S. Democratic Representative Steven Horsford expressed support for including crypto assets in retirement accounts during the Consensus 2026 conference in Miami on May 7, stating this could help narrow wealth inequality.
Horsford, co-author of the PARITY Act
GateNews1h ago
The White House is pushing hard to pass the “Clarity Act” on 7/4, refusing to add new conflict-of-interest provisions for Trump
The White House is pushing the “Clarity Act,” aiming to have Congress complete legislation by July 4 to clarify the SEC and CFTC’s jurisdictions and to introduce new rules for stablecoins and market structure. The stablecoin interest provisions reach a compromise: they cannot be treated the same as bank deposit interest, but consumer-linked incentive rewards are allowed. The White House has refused to include a conflict-of-interest clause specifically for Trump, emphasizing that it will apply broadly. It warns that without prior regulation, rules could be led by other countries; subordinate bills such as the GENIUS Act are also being advanced. Ripple estimates that the global stablecoin market will grow to $3 trillion by 2031.
ChainNewsAbmedia2h ago
White House Targets July 4 Deadline for Landmark Crypto Bill
The White House's top crypto adviser, Patrick Witt, set a July 4 target date to pass broad crypto legislation into law, speaking Wednesday at the Consensus conference in Miami. Witt, executive director of the President's Council of Advisors for Digital Assets, said he believed the Senate could advan
CryptoFrontier3h ago
