White House Crypto Adviser Blames Democrats, Banks for CLARITY Act’s Senate Collapse

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The White House has blamed Democrats and the banking industry for the Senate’s failure to move forward with the CLARITY Act, a market-structure bill for digital assets.

CoinDesk reported on September 23 that Patrick Witt, the White House’s crypto adviser, rebutted Democratic claims at a Georgetown University financial-markets event that concerns over President Donald Trump’s crypto business conflicts of interest had blocked the bill. He argued Democrats had turned the matter into a political issue.

The CLARITY Act is intended to establish a regulatory framework for the crypto market. In negotiations, however, provisions limiting crypto-related conflicts of interest for senior public officials emerged as a central sticking point. Democrats and Republicans failed to narrow differences over whether Trump’s crypto business should be covered by those restrictions.