The chief crypto adviser to the White House, Patrick Witt, has stated that efforts are underway to solidify a compromise that could facilitate the advancement of the Digital Asset Market Clarity Act in the US Senate. In a recent interview on CoinDesk TV, Witt, who serves as the executive director of the President's Council of Advisors for Digital Assets, suggested that the bipartisan agreement on stablecoin yield remains intact. 'We are hopeful that the compromise reached will be durable and hold,' Witt said, adding that resolving this issue was a prerequisite for addressing other outstanding matters. Although Witt did not disclose the specific topics that have been settled, he noted that negotiations have made significant progress in the background while the yield debate between banks and crypto firms garnered most of the attention.
'We are very close to closing them out,' he said. 'The fact that we've been able to close out a lot of these issues gives me confidence that we can close out the remaining ones as well.' The Clarity Act requires a markup hearing in the Senate Banking Committee before it can proceed to a final Senate vote.
Earlier in the year, the process was delayed due to objections from bank lobbyists regarding stablecoin yield. Last week, White House economists released a report downplaying the threats posed by stablecoin yield, which was met with a response from the American Bankers Association arguing that the White House's argument was flawed. Witt acknowledged that bankers have diverse views on the matter, depending on their proximity to the technology.
'They are grappling with it,' he said. 'These issues are important to their members, and some will view stablecoins more positively, while others will be more threatened by them.'