According to ME News, on September 24 (UTC+8), Patrick Witt, Executive Director of the White House Presidential Advisory Committee on Digital Assets, stated at the Georgetown University Financial Markets Quality conference that the CLARITY Act failed to advance in the Senate partly because Democrats politicized Trump’s cryptocurrency conflicts of interest. Witt noted that Trump had previously agreed to two “unprecedented” ethical provisions. Additionally, Witt attributed some of the resistance to banking lobbying, explaining that major banks are concerned that stablecoin rewards could compete with interest-bearing bank deposits, and have conveyed these concerns to community banks. (Source: ODAILY)
White House Crypto Advisor: Democrats Politicize the CLARITY Act; Banking Lobbying Hinders Progress
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Summary
Patrick Witt, head of the White House’s Digital Asset Advisory Committee, said on September 24 that the CLARITY Act has stalled in the Senate as Democrats have tied it to Trump’s crypto disputes and banking lobbying. Major banks oppose stablecoin rewards, fearing competition with interest-bearing deposits. Altcoins to watch may gain momentum as crypto market dynamics shift amid stalled regulatory progress.
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