White House Targets July 4 for Passage of U.S. Crypto Market Structure Bill
The White House is still pressing for Congress to pass a sweeping U.S. crypto market structure bill by July 4, according to an unnamed administration official who said policymakers are making "great progress every day".
The target date aligns with earlier comments from Patrick Witt, executive director of the President's Council of Advisors for Digital Assets, who said the administration was aiming for July 4 passage of the CLARITY Act.
At the center of the push is H.R. 3633, which House materials describe as a framework for defining digital assets under U.S. securities and commodities laws and clarifying the respective roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The proposal calls for joint SEC-CFTC rulemaking and includes protections for Americans to self-custody and transact with their own digital assets.
Momentum picked up after the Senate Banking Committee advanced H.R. 3633 on May 14. Chair Tim Scott said the bipartisan markup followed nearly a year of negotiations, with the effort aimed at establishing clearer rules for digital assets.
The Senate draft goes beyond classification, adding policy provisions on stablecoins and compliance. Reuters reported the text would limit rewards on idle stablecoin balances while allowing certain transaction-based rewards. It would also bring digital commodity exchanges, brokers and dealers under Bank Secrecy Act requirements, including anti-money-laundering rules and customer identification obligations.
Other elements include a fundraising exemption for certain crypto companies, a test for when DeFi platforms are considered sufficiently decentralized, and language stating tokenized securities remain subject to securities laws.
Despite the White House timeline, major legislative obstacles remain. The Senate's market structure package is not finalized, and Davis Wright Tremaine has noted lawmakers must reconcile the draft with the Senate Agriculture Committee's Digital Commodity Intermediaries Act before moving a final Senate version forward. Even then, a Senate bill would still need to be reconciled with the House-passed CLARITY Act before it could be sent to President Trump for signature.
With key policy questions still under debate and lawmakers balancing competing priorities, the July 4 deadline leaves little room for delays. For crypto firms, the outcome is closely tied to regulatory certainty. Treasury Secretary Scott Bessent has urged Congress to act, pointing to clearer digital-asset rules in Abu Dhabi and Singapore.
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