White House Crypto Council Director: Democrats politicized the CLARITY Act, bank lobbying also hinders bill's progress

Odaily News: Patrick Witt, Executive Director of the White House President's Council of Advisors on Digital Assets, said at Georgetown University's Financial Markets Quality conference that the CLARITY Act failed to advance in the Senate, partly because Democrats politicized Trump's crypto conflict-of-interest issues. 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 that stablecoin rewards compete with interest-bearing bank deposits, and that they have conveyed this concern to community banks.