White House Aims for July 4 Approval of Key Crypto Legislation

The White House is pushing for Congressional approval of the Digital Asset Market Transparency Act by July 4, marking a pivotal step in U.S. cryptocurrency regulation. Patrick Witt, Executive Director of the President’s Digital Assets Advisory Council, outlined the aggressive timeline during CoinDesk’s Consensus Conference in Miami.

Senate committees, particularly the Banking Committee, are expected to review the bill this month, with a full Senate vote possible by early July. The House of Representatives could follow suit before Independence Day. New York Senator Kirsten Gillibrand offered a more conservative estimate, suggesting final approval might not come until August.

Progress accelerated after Senators Thom Tillis and Angela Alsobrooks brokered a compromise on stablecoin provisions in May. The bill’s path forward now hinges on resolving conflicts of interest rules and addressing global regulatory implications.