The White House's primary crypto adviser, Patrick Witt, has stated that efforts are ongoing to solidify a compromise that could propel the Digital Asset Market Clarity Act forward in the U.S. Senate.
In a recent interview, Witt expressed optimism that the common ground achieved by key senators from both parties regarding stablecoin yield would remain intact. He noted that resolving this issue was crucial before addressing other outstanding matters, some of which have already been resolved.
Witt also mentioned that negotiations have made significant progress in the background, despite the yield debate between banks and crypto firms dominating the headlines. The Clarity Act still requires a markup hearing in the Senate Banking Committee before it can proceed to a final Senate vote. Witt remains confident that the remaining issues can be resolved, given the progress made so far.
The White House's view on the matter differs from that of the American Bankers Association, which has expressed concerns about the potential impact of stablecoin yield on the banking sector.