CLARITY Act by July 4 ‘Logistically Impossible’: Eleanor Terrett
Highlights
- Journalist Eleanor Terrett called the July 4 CLARITY Act goal "logistically impossible."
- The White House and adviser Patrick Witt say they remain optimistic on the timeline.
- 60+ crypto firms urged the Senate to keep developer protections in the bill.
Eleanor Terrett, a prominent crypto journalist and Host of the podcast and newsletter Crypto in America, has called the White House’s goal of signing the CLARITY Act into law by July 4 as “logistically impossible.”
What Passing the CLARITY Act by July 4 Would Take
In an X post, Terrett laid out what passing the market-structure bill in roughly two weeks would actually require. She said lawmakers would need to find an ethics solution that both Republicans and Democrats can accept, resolve outstanding issues in the agriculture text, merge the competing bills, secure 60 votes in the Senate, and clear both chambers. “Logistically impossible,” she said.
Terrett’s comment contradicts the optimism coming from the administration. The White House set July 4 as its target, and Patrick Witt, the White House Digital Asset executive director, said the work was advancing. In a Crypto in America interview, Witt said the team was making progress every day.
“We’re making progress on all fronts everyday. I’m still optimistic. We’re doing a lot of work behind the scenes,” Witt had said during the interview.
The CLARITY Act would set the regulatory framework for digital assets, splitting oversight between the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC). Its path has slowed over several sticking points raised by Democratic senators, including ethics provisions, agriculture oversight, and the Bank Resolution and Consumer Act.
The crypto industry has pressed for the bill to move forward without weakening protections for developers, a point that has become central to the negotiations.
Crypto Firms Back CLARITY Act Dev Rules
Last week, a coalition of more than 60 crypto firms, including Coinbase, Kraken, Bitwise, a16z Crypto, Uniswap, and Solana Labs, urged Senate Majority Leader John Thune to pass the CLARITY Act with software developer protections intact.
In a letter, the signatories thanked the Senate Banking Committee for advancing the Blockchain Regulatory Certainty Act (BRCA), the developer-protection measure folded into the CLARITY Act, and pressed the chamber to keep the bipartisan provisions as the committee advanced them.
Crypto executives, including Ripple CEO Brad Garlinghouse, have claimed that passing the CLARITY Act would reassure businesses and keep them from moving overseas.
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