Clarity Act: Trump Admin “Fully Committed” to Pass Crypto Bill in September, Patrick Witt Says

White House crypto advisor Patrick Witt on Tuesday said the Trump admin remains “fully committed” to passing the Clarity Act next month. The crypto bill is anticipated to enter a full Senate vote in mid-September.

White House Crypto Advisor Eyes Clarity Act Passage in September

Patrick Witt, Executive Director at President’s Council of Advisors for Digital Assets, confirmed that the Trump admin is fully committed to passing the Clarity Act in September.

He warned that every time Democrats have delayed this bill, America has fallen further behind in the digital asset race. This has jeopardized “our leadership role in global financial markets, weakening our national security, and denying law enforcement the tools they need to stop crypto crime.”

He claimed “durable rules” can only be provided by legislation, arguing they are needed now more than ever. He urged Congress to pass the Clarity Act, saying “we also can’t afford to wait forever.”

In addition, Patrick Witt recommended that Democrats use the opportunity to shape crypto policy by helping pass it into law. “Our door remains open, and we’ll keep negotiating in good faith all the way up until the September vote.”

Meanwhile, the SEC is set to advance crypto regulatory framework under the Reg Crypto vision of Chair Paul Atkins. The SEC scheduled a meeting to consider new rules for crypto investment contracts on August 14.

Senator Cynthia Lummis Eases Community Banks’ Worries

Some community banks raised concerns over stablecoins driving bank deposit flight. However, Cynthia Lummis asserts the data says otherwise, with BofA and FDIC reports showing deposits rising this year.

Lummis noted that community banks outperformed the industry, posting 5% deposit growth. She claims Clarity Act will help community banks, with Section 404 barring stablecoin issuers from paying yield that resembles bank interest.

The Banking Committee has already planned a nine-provision community bank package into the housing bill to help retain deposits. It will provide regulatory, capital, and examination relief for community banks under $10 billion in assets.

“Killing the Clarity Act won’t help community banks. It just protects the status quo they say is broken,” said Senator Cynthia Lummis.

What’s Next in Clarity Act After Cloture Filing

While Clarity Act failed to pass the Senate vote before the August recess, Senate Majority Leader John Thune filed cloture on the Clarity Act. The crypto bill is queued up for a vote in mid-September when the Senate returns to session.

The Senate is expected to proceed with a procedural vote on September 15 at 2:15 PM ET. If invoked, it will limit negotiations and further debate on the crypto bill.

After almost a day, the Senate begins further votes. The crypto bill requires 60 votes to overcome the Democratic filibuster, with 53 Republicans in the Senate.

Senators will have a 15-day window of session before focus fully shifts to the November midterm elections, with Trump pushing to pass the SAVE America Act.

Meanwhile, President Trump’s approval of the new bipartisan ethics counteroffers sent to White House is also expected. Senator Cynthia Lummis is expected to continue addressing issues. She is also in discussions with Senator Josh Hawley to resolve concerns.