Patrick Witt, the primary crypto adviser to the White House, stated that efforts are underway to solidify the compromise that will propel the Digital Asset Market Clarity Act forward in the U.S. Senate.
In a CoinDesk TV interview, Witt expressed optimism that the compromise reached on stablecoin yield will endure, allowing progress on other outstanding issues. The Clarity Act had faced multiple potential roadblocks, including concerns over illicit financial protections in the DeFi space and requests to bar senior government officials from profiting from the crypto sector.
While Witt did not disclose the specific topics that have been resolved, he noted that considerable progress has been made in the background. The Clarity Act requires a markup hearing in the Senate Banking Committee before it can proceed to a final Senate vote.
A recent report by White House economists 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.