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

Odaily News: Patrick Witt, Executive Director of the White House Presidential Council on Digital Assets, stated 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 said Trump had previously agreed to two "unprecedented" ethics provisions.

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