The White House is targeting July 4 for House passage of the Digital Asset Market Clarity Act, according to Patrick Witt, executive director of the President's Council of Advisors for Digital Assets.
The administration's timeline calls for Senate Banking Committee markup this month, followed by a Senate floor vote in June and House passage before the July 4 deadline. Witt acknowledged the compressed schedule while expressing confidence in its feasibility. "There's not a lot of slack left in the rope right now. But it is an achievable timeline," he said.
Witt framed the legislation as essential for maintaining U.S. leadership in digital assets, warning that "If we're not setting the standard, if we're not writing the rules, then we are going to be a rule follower, and we're going to be following somebody else's rulebook on this. And God forbid it's China that's ultimately writing those rules."
