- Trump’s lead advisor on digital assets says the White House intends to pass the CLARITY Act by Independence Day on July 4.
- Senator Kirsten Gillibrand, who is behind the bill, has demanded clauses that protect against politicians’ selfish enrichment in an attack on Trump.
The Donald Trump administration intends to pass the CLARITY Act before July 4, gifting American investors the most comprehensive crypto framework yet as the country turns 250.
This was revealed at the Consensus event in Miami by Patrick Witt, the director of President Trump’s Council of Advisors for Digital Assets. Speaking in a fireside chat, he said that the government is pushing Senators to accelerate the process amid warnings from industry leaders and lawmakers that it’s now or never for the Act’s passing.
Witt stated:
“We’re targeting July 4th. I think that would be a tremendous birthday present for America, celebrating our 250th.”
This prediction relies heavily on a fast passage through the Senate, where the bill has been sitting since it passed the House. In the Senate, the legislators must first provide a markup, which Witt expects to happen this month. As we reported, Ohio Senator Bernie Moreno stated at Consensus that he is certain the markup will be completed in the coming week.
After the markup, Witt expects the Senate to take the four weeks of June to pass the bill, before presenting it to President Trump for his signature in the first three days of July.
Witt’s timeline is more optimistic than Senator Kirsten Gillibrand, one of the main sponsors behind the CLARITY Act. At the same event, she projected that the bill would reach the president’s desk for his signature a month after Independence Day.
The timeline matters. As ETHNews has reported, leaders within crypto and beyond have pointed out that it’s now or never for the CLARITY Act. Ripple’s Brad Garlinghouse said this week that lawmakers have a small window in May and June to pass the bill.
Wyoming Senator Cynthia Lummis added that if it fails to pass by the end of July, it might be another five years before crypto can receive such bipartisan support. She noted that legislators’ focus is about to shift to the November midterms, and after that, there’s no telling what the newly constituted Congress will do.
Sen. Gillibrand: CLARITY Act Must Stop Corrupt Politicians Like Trump
The focus for the CLARITY Act has been on stablecoins, where crypto companies like Coinbase and Circle have clashed with banks over who can offer yield to depositors. However, according to Sen. Gillibrand, the bill will only receive support on the floor of the Senate if it adds provisions against corrupt politicians in a thinly veiled attack on President Trump.
Speaking at the Miami event, the New York democrat said that Senators will not back the bill if it does not come with an ethics provision.
She told the attendees:
“We cannot allow members of Congress, senior administration officials, presidents or vice presidents to get rich off of these industries because of their insider status. It is the worst form of pay-for-play; it is the worst form of campaign finance violations; it’s a violation of the Constitution.”
Trump has made over $1 billion from crypto since taking over for his second term through ventures like World Liberty Financial and his son’s American Bitcoin Corp. His memecoin, OFFICIAL TRUMP, has a $550 million market cap and once peaked at $9 billion in early 2025.
Gillibrand says this cannot be allowed to continue. She added that without an ethics provision, “greed and corruption will tear Washington down.”
