Trump's crypto advisor says a compromise has been reached on stablecoin yield provisions; the White House aims to pass the Clarity Act before July 4

BlockBeats reported that on May 7, White House Digital Asset Advisor Patrick Witt stated that the Trump administration is pushing Congress to pass the Digital Asset Market Clarity Act (Clarity Act) crypto market structure bill before July 4, calling it “the best birthday gift” for the United States’ 250th anniversary.

Witt revealed that the Senate Banking Committee is expected to advance the bill's review this month, and there will be four working weeks in June for a Senate vote, followed by a House of Representatives vote. He also mentioned that a compromise has been reached on the previously contentious stablecoin yield provisions.

According to the latest plan, the bill will prohibit stablecoins from offering yields similar to bank deposit interest, but will allow reward mechanisms linked to consumer behavior. Witt said the proposal was negotiated jointly by the White House, banks, and the crypto industry, stating, “The crypto industry is not satisfied, the banks are not satisfied either, but since both sides are about equally dissatisfied, this means it is the right compromise.”

In addition, the White House is pushing for the development of crypto conflict of interest rules applicable to all government personnel, rather than targeting Trump personally or his family. Witt stated that clauses “targeting specific political figures” would not be accepted. Witt warned that if the United States cannot quickly establish a crypto regulatory framework, it may be forced to follow rules set by other countries in the future, “the worst would be if China sets these rules.”