The White House's top cryptocurrency adviser, Patrick Witt, called the Clarity Act a "pro-regulatory, pro-enforcement bill," despite pushback from law enforcement groups who say the bill doesn't do enough to guard against financial crimes.
As time runs out to pass bills this year, lawmakers are barreling towards trying to pass that sweeping digital asset legislation into law, with potentially only a narrow window, ahead of midterm elections later in the year.
On Thursday, the Blockchain Association, which earlier this week sent a letter urging passage of the bill signed by 160 former security officials, held a virtual town hall in a push to move Clarity forward. During the call, Witt, Republican Sen. Cynthia Lummis, Rep. Tom Emmer, and others pushed for passage of the bill.
"Money is moving faster globally, and if we are not setting standards as the United States, then we are going to be receivers of somebody else's playbook," Witt said.
If the bill is not passed this year, it may not be considered until 2030, Lummis said.
