White House Crypto Council Director: Democrats Are Politicizing the CLARITY Act, Bank Lobbying Also Hindering the Bill's Progress

Odaily reports: Patrick Witt, Executive Director of the White House Presidential Council of Advisors on Digital Assets, said at Georgetown University's Financial Markets Quality conference that the CLARITY Act has failed to advance in the Senate, partly because Democrats have politicized the issue of Trump's crypto conflicts of interest. Witt stated that Trump had previously agreed to two "unprecedented" ethics provisions.

Additionally, Witt attributed part of the resistance to banking lobbying, saying that large banks are concerned about stablecoin rewards competing with interest-bearing bank deposits, and have conveyed this concern to community banks.