White House crypto adviser Patrick Witt says he is ‘optimistic and bullish’ on Clarity Act as stablecoin fight resurfaces

The White House’s top cryptocurrency adviser said he is feeling “bullish” ahead of the first planned vote on sweeping crypto legislation, even as disputes over stablecoin rewards continue to resurface.Speaking Tuesday at the annual SALT conference in Wyoming, the White House's Patrick Witt said he remains optimistic about the Clarity Act becoming law as key issues emerge over how to treat stablecoin yield and Democrats wrestle with President Donald Trump's cryptocurrency conflicts of interest.Lawmakers are currently on a monthlong August recess and are expected to return in mid-September before leaving again in October. Before the recess, Senate Majority Leader John Thune scheduled a cloture vote on the bill for Sept. 15."We'll be sitting down with Democrats and really trying to hash out the areas where there are disagreements and get a solid vote on the 15th," Witt said. "But I am truly optimistic and bullish about it."The more than 600-page Clarity Act, which would establish a comprehensive federal regulatory framework for the crypto industry, has faced repeated setbacks.Earlier in the year, how to regulate stablecoin rewards, which allow users to earn interest on deposited funds, came into the spotlight. The debate quickly evolved into a broader clash between the crypto industry and the banking sector. Sens. Angela Alsobrooks, D-Md., and Thom Tillis, R-N.C., later finalized a compromise to end the months-long dispute that says platforms cannot pay rewards just for holding the asset, but said rewards could be given on transactions and payments.But that issue has since resurfaced, said Senate Banking Committee Chair Tim Scott, R-S.C., during a separate panel on Tuesday in Wyoming."We thought it [stablecoin issue] was all settled, but now they have a rearview mirror that's getting bigger and the windshield is getting smaller," Scott said. "So we're going to have to wrestle that down on more time."Ethics has also been an ongoing issue as Democrats press for stronger language in the bill to address Trump's expanding crypto holdings. Earlier, Trump agreed to an ethics provision that would block a public official or employee, as well as their spouses, from issuing or sponsoring digital assets. The language says that they can still invest in digital assets and includes a sunset provision ending in January 2029.Trump is weighing the latest ethics proposal from Sens. Ruben Gallego (D-Ariz.) and Thom Tillis (R-N.C.), which includes language that would allow state attorneys general to enforce that provision.On that, Sen. Cynthia Lummis, R-Wyo., who was also on the panel, said she doesn't know what the president will decide."I don't know what he'll do, but I can tell you he's already agreed to more than any president in history," Lummis said.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.