NEW: White House crypto advisor Patrick Witt blamed Democrats and banks for derailing the Clarity Act, while admitting his own inexperience on Capitol Hill, per Punchbowl.
Clarity Act ethics debate
White House's crypto adviser Patrick Witt defended Trump's crypto ties, stating the president agreed to two unprecedented ethics provisions. Democrats politicized the issue, he claimed.
The White House says the CLARITY Act is unlikely to pass in the lame-duck session, the CFTC warns of manipulation risks in prediction markets tied to what people say or do, and FTX- and Alameda-linked wallets move more than 7,000 ETH to Wintermute. @JennSanasie has what you need to know.
White House Crypto Official Blames Politics for CLARITY Act Setback White House crypto council director Patrick Witt said Democrats politicized the CLARITY Act, contributing to its failure. He also criticized what he called inconsistent ethics scrutiny of the bill. Witt also blamed banking groups for concerns over stablecoin yields competing with bank deposits. He said community banks would have pushed harder for the bill if they believed it seriously threatened them. #Crypto #Bitcoin #CryptoCurrency #Blockchain #BitcoinNews #CryptoMarket #BabaCrypto #BTC #CryptoNews #ethereum
🚨 BREAKING : White House crypto adviser Patrick Witt blames big banks for killing the Clarity Act over fears stablecoins would drain deposits "It was a wildfire that was started by larger banks that ultimately spread to community banks, and they sold them a line" 👀 Says Trump was willing to divest his crypto or place it in a blind trust — the most restrictive ethics provision "that has ever been agreed to by any president" Calls attacks on Trump "somewhat ironic," noting "a lot of senators on banking committees" actively trade stocks in the financial companies they regulate Focus is now shifting away from a lame-duck session and toward regulators like the SEC to move without Congress ⛓️
The Clarity Act Will Make LUNC Safe Haven & Defi GOD.
Major lenders are stalling the CLARITY Act on Capitol Hill over deposit risks tied to stablecoin growth. The White House is calling out the banking lobby for freezing digital asset framework progress.
🇺🇸BREAKING: White House blames big banks for killing the CLARITY Act over fears stablecoins would drain their deposits. White House crypto adviser Patrick Witt says opposition to the bill was "a wildfire that was started by larger banks that ultimately spread to community banks." He says Trump was willing to divest his crypto or place it in a blind trust, calling it the most restrictive ethics provision "that has ever been agreed to by any president." Witt called the attacks on Trump "somewhat ironic," given that "a lot of senators on banking committees" actively trade stocks in the financial companies they regulate.
🚨 LAST MINUTE: White House crypto advisor Patrick Witt called the lack of progress on the CLARITY Act in the Senate “a major disappointment.” Witt also said the bill’s revival depends on the outcome of the November elections. Apparently, the crypto market will once again become a major part of election campaigning. To be honest, we’re fine with that. 😏
🚨 LATEST: White House crypto adviser Patrick Witt says the Trump administration will continue pursuing regulatory clarity for digital assets despite the CLARITY Act failing to advance in the Senate last week. “The future for digital assets is bright,” Witt said, adding that the administration will provide as much regulatory clarity as possible through its own policies.