Exclusive / White House makes closing argument on crypto bill

“I’m not sure [the latest text] addresses the issues I’m concerned about, which is what community bankers are concerned about,” Cornyn told Semafor Monday night. He added that he’s “looking forward to having a conversation and seeing where the votes are.”

The bill, which would divide oversight of digital assets between the SEC and CFTC, needs the support of at least 60 senators to move forward. CEA’s new website will also include an FAQ on its earlier report and responses to its critics.

“The CEA analysis is clear: the data simply does not support the deposit flight narrative that DC bank lobbyists are pushing on stablecoin rewards,” Patrick Witt, executive director of the president’s Council of Advisers for Digital Assets, said. He added that the Clarity Act “includes real safeguards to protect community banks if the deposit flight scenario ever did materialize” but “banks get none of those protections if the bill fails.”

Crypto-friendly Democrats have focused their criticism on revised ethics provisions that they say still don’t do enough to curtail Trump. Sen. Adam Schiff, D-Calif., argued they would “cover federal employees other than the president, functionally” and “not apply, in the current form, to the first family.”