According to Patrick Witt, the White House's primary crypto adviser, efforts are ongoing to solidify a compromise that will propel the Digital Asset Market Clarity Act forward in the U.S. Senate.
Witt noted that several other points are being addressed behind the scenes. In a CoinDesk TV interview, Witt expressed optimism that the stablecoin yield compromise reached by key senators from both parties will endure. He stated, 'We're hopeful that the compromise that has been reached will be durable and will hold.' Witt added that resolving the yield issue was a crucial step before moving on to other outstanding matters, some of which have already been resolved.
The Clarity Act has faced multiple potential obstacles, including concerns over illicit financial protections in the DeFi space and a request to prevent senior government officials from profiting from the crypto sector. Although Witt did not disclose the specific topics that have been settled, he mentioned that negotiations have made significant progress in the background. He said, 'We're very close to closing them out.' Witt also expressed confidence that the remaining issues can be resolved, given the progress made so far. The Clarity Act requires a markup hearing in the Senate Banking Committee before it can proceed to a final Senate vote.
A report from White House economists recently downplayed the threats posed by stablecoin yield, prompting a response from the American Bankers Association. Witt acknowledged that bankers have varying views on stablecoins, depending on their proximity to the technology.