White House Advisor Predicts Skepticism Around CLARITY Act Will Soon Be Proven Wrong
Patrick Witt, the White House crypto advisor, stated that skepticism surrounding the CLARITY Act will soon be proven wrong. Witt posted this position on social media ahead of the Senate vote scheduled for September 15. The CLARITY Act is a bill aimed at clarifying the regulatory framework for digital assets by delineating the jurisdiction between the SEC and CFTC, with expectations that it will clarify the regulatory bodies for major digital assets like Bitcoin (BTC) and Ethereum (ETH) if passed. Witt also serves as the executive director of the White House Digital Asset Advisory Committee and mentioned on August 11 that the Trump administration was committed to passing the CLARITY Act. The White House has set a deadline for the Senate to advance the bill by September 15, and Witt warned that if consensus is not reached, it may never happen. However, the market currently assesses the likelihood of the bill passing as low, with prediction market service Veras indicating only a 16.5% chance that the CLARITY Act will be signed into law by 2026. Controversies regarding the wording of the bill continue, particularly concerning regulations related to stablecoins. The Senate vote is scheduled for September 15.
-- Price
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