One of the most significant steps toward regulating the cryptocurrency markets in the United States may take place by July 4, as the White House seeks Congressional approval for the Digital Asset Market Transparency Act. Patrick Witt, Executive Director of the President’s Digital Assets Advisory Council, shared the timeline and planned steps for passing the bill at CoinDesk’s Consensus Conference in Miami.
Legislative timeline and expectations
Witt explained that relevant committees—especially the Senate Banking Committee—are set to begin reviewing the bill this month, with four full working weeks in June potentially devoted to it in the Senate. If progress stays on schedule, the House of Representatives could vote on the bill before Independence Day, July 4.
However, this timeline is more ambitious than that described by New York Senator Kirsten Gillibrand at the same conference. Gillibrand projected that the bill might only reach the President’s desk for final approval in the first week of August.
Witt remarked on the process, “We don’t have much slack on the rope, but we’re still on a realistic timetable.”
Stablecoin compromise enables progress
The path forward for the bill in the Senate was paved in May after Senators Thom Tillis and Angela Alsobrooks reached a compromise over stablecoin yields. Under the revised bill, yields similar to traditional bank deposits are now forbidden for stablecoins, though spending-based rewards are still permitted.
According to Witt, the White House coordinated with both banks and crypto firms to find middle ground before presenting the bill to senators. Despite this, he noted that neither side is entirely satisfied with the final deal.
Witt characterized the outcome by saying, “Crypto companies aren’t happy, banks aren’t happy, but both are equally dissatisfied—so we’ve found the right balance,” emphasizing that the debate over stablecoin yields is now closed.
Conflict of interest rules and global implications
Another major point of debate concerns conflict of interest provisions. While disagreements persist between Democrats and the administration, the White House has signaled support for broad, universal rules but opposes measures targeting specific officials or their families.
Witt emphasized that the legislation will not single out any individual officials or their relatives, underlining the administration’s stance against personalized provisions.
He also warned that if the U.S. fails to enact timely regulation, it could be forced to follow rules set abroad, with China potentially shaping these standards and leading to unfavorable outcomes.
Witt reminded that maintaining U.S. leadership in global financial markets remains a cornerstone of national hegemony.
Additionally, he commented on last year’s enacted “Guiding and Establishing National Innovation for U.S. Stablecoins Act,” which concerns stablecoin issuers. Agencies such as the Treasury, Office of the Comptroller of the Currency, and Federal Deposit Insurance Corporation are approaching the end of a year-long deadline in July to develop regulations under this law.
Witt explained, “These matters are quite complex and must comply with the Administrative Procedure Act. We have gathered input from many agencies,” arguing that regulations should strike a balance: robust enough to support the industry’s growth, yet flexible enough to avoid unnecessary limits on innovation.
