BlockBeats News, May 7th, White House Digital Asset Advisor Patrick Witt stated that the Trump administration is pushing Congress to pass the Digital Asset Market Clarity Act before July 4th, calling it the “best birthday gift” for the 250th anniversary of the United States.
Witt revealed that the Senate Banking Committee is expected to advance the bill for review this month, with four working weeks in June allocated for Senate votes, followed by submission to the House for voting. He also mentioned that the previously controversial stablecoin yield provisions have reached a compromise.
According to the latest plan, the bill will prohibit stablecoins from offering yields similar to bank deposit interest but will allow reward mechanisms linked to consumer behavior. Witt said this plan was formed through joint consultations between the White House, banks, and the crypto industry. “The crypto industry is not satisfied, the banks are not satisfied, but both are roughly dissatisfied, which indicates this is the right compromise.”
Additionally, the White House is pushing to establish conflict-of-interest rules for all government personnel regarding crypto, rather than targeting Trump personally or his family. Witt stated that they will not accept provisions “targeting specific political figures.” Witt warned that if the U.S. cannot establish a crypto regulatory framework quickly, it may be forced to follow rules set by other countries in the future, “the worst case being rules made by China.”
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