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The White House is pushing to pass the Cryptocurrency Market Structure Act before July 4th.
Golden Finance reports that on May 7th, Patrick Witt, Executive Director of the White House Digital Asset Advisory Committee, stated at the Consensus conference that the goal is to pass the crypto market structure bill into law before the deadline. He believes the Senate may advance the legislation in June, leaving enough time for the House to also pass its version.
The main obstacle in the Senate Banking Committee for the bill is the handling of stablecoin rewards. The compromise language released last week seems to have addressed this issue, but the banking industry association still considers there to be “insufficiencies.” Additionally, moral clauses have become a new focus. New York State Senator Kirsten Gillibrand said she would not support the bill without moral clauses. Witt said discussions with Democrats are progressing well, and the rules will apply equally to new interns on both the President and Capitol Hill, without targeting specific individuals.