Trump's Crypto Advisor Says Stablecoin Yield Provision Compromise Reached, White House Aims to Pass the Clarity Act by July 4th

May 7th – White House Digital Asset Advisor Patrick Witt announced Thursday that the Trump administration is urging Congress to pass the **Digital Asset Market Clarity Act** (Clarity Act)—a crypto market structure bill—by July 4th, calling it the "best birthday present" for the U.S.’s 250th anniversary. Witt noted the Senate Banking Committee is expected to advance the legislation this month, with four workweeks in June allocated for Senate voting before it moves to the House for a vote. He also confirmed the previously contentious stablecoin yield provision has been compromised. Under the latest proposal, stablecoin issuers will be barred from offering interest comparable to bank deposits but may implement reward mechanisms tied to consumer behavior. Witt emphasized the framework emerged from joint negotiations between the White House, banks, and the crypto industry, stating: "The crypto industry isn’t happy, and banks aren’t happy either—but when both sides are nearly unhappy, that’s the right compromise." Additionally, the White House is pushing for crypto conflict-of-interest rules applicable to all government officials, not just targeting President Trump or his family. Witt clarified he will reject any "terms targeting specific political figures." Witt warned that if the U.S. fails to establish a crypto regulatory framework promptly, it could be forced to adhere to rules set by other nations—with the "worst outcome" being China dictating those standards.