White House crypto advisor Patrick Witt has stated that this week is going to be critical for the Clarity Act, the much-talked-about cryptocurrency bill that could reshape the cryptocurrency industry.
"Critical week for Clarity, which also happens to be the one-year anniversary of GENIUS. A reminder of the incredible amount of hard work that has gone into this bill, but also of the time we’ve already lost. We cannot afford to delay any longer," Witt said on Elon Musk's X social media network.
This comes after the White House called on the Senate to pass the high-stakes bill while bringing up geopolitics to justify this urgency. The second-largest economy is pushing to dominate in both artificial intelligence and crypto, and passing the Clarity Act could potentially allow the US to remain in the lead.
Not a done deal
According to Polymarket data, there is only a 40% chance of the "rules of the road" crypto bill being signed into law this year despite the recent statement from the White House.
The bill, which passed the House last July, needs at least 60 votes due to the filibuster, which is an extremely tough task.
In May, the Clarity Act managed to advance out of the Senate Banking Committee, but it has yet to receive a full vote.
The Democrats are concerned about some provisions (stablecoins, DeFi, meme coins, and other technical details). Ethical concerns are also a major sticking point when it comes to securing at least seven Democratic votes. Some Dems support the bill due to its potential to foster innovation and create jobs, but they remain concerned about corruption.
As reported by U.Today, Senator Cynthia Lummis, who is the staunchest pro-Bitcoin advocate in the Senate, recently warned that the bill could stall until 2030 (depending on the outcome of the midterms).
Dan Burgin
U.Today Editorial Team
