The White House wants the CLARITY Act passed by July 4, but Senator Gillibrand says the bill will not move without an ethics provision targeting officials’ crypto ties.
Posted May 7, 2026 at 5:43 am EST.
The White House is targeting July 4 for Congress to pass the Digital Asset Market Clarity Act, the most ambitious piece of crypto legislation in U.S. history. That timeline came from Patrick Witt, executive director of the President’s Council of Advisors for Digital Assets, speaking Wednesday at Consensus Miami 2026.
The mechanics, according to Witt: a Senate Banking Committee markup this month, four working Senate weeks in June for a floor vote, and a House vote before Independence Day. Witt framed the deadline as both symbolic and strategic, coinciding with America’s 250th anniversary.
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The CLARITY Act would establish a comprehensive regulatory framework for digital assets, dividing oversight between the SEC and CFTC. The House passed its version with 294 votes last year, and the stablecoin market has grown 49% since Congress passed the GENIUS Act, reaching $306 billion by the end of 2025.
But the legislation faces a critical Senate obstacle. Senator Kirsten Gillibrand (D-N.Y.), one of the bill’s most prominent advocates, said there would be no votes for the bill without an ethics provision barring senior government officials from profiting off crypto.
The demand is widely understood as aimed at President Trump, whose family has launched memecoins, the DeFi project World Liberty Financial, and other crypto ventures that Bloomberg has estimated generated at least $1.4 billion in revenue. The White House has pushed for a provision that applies broadly rather than targeting any single officeholder.
A bipartisan compromise on the contentious stablecoin yield provision appears to be holding. Senators Thom Tillis (R-N.C.) and Angela Alsobrooks (D-Md.) released legislative text banning passive yield on stablecoin balances while allowing activity-based rewards.
Gillibrand acknowledged the deal may hold, saying the compromise works because it leaves everyone unhappy. But she warned that the ethics, consumer protection, and illicit finance provisions must be resolved within days to keep the markup on schedule, predicting a final vote by the first week of August if talks succeed.
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