The White House remains on track to push for passage of a crypto market structure bill by July 4, according to an unnamed White House official. The official reportedly said policymakers were making “great progress every day” toward the deadline.
The timeline matches earlier public remarks from Patrick Witt, executive director of the President’s Council of Advisors for Digital Assets. Witt had said the White House was targeting July 4 for passage of the CLARITY Act.
H.R. 3633 Sets the Framework for Digital Assets
House documents describe the bill H.R. 3633 as a framework covering digital asset definitions under securities and commodities laws.
The text calls for joint SEC-CFTC rulemaking and protections for Americans to self-custody and transact with their own digital assets. Initially, momentum increased after the Senate Banking Committee advanced H.R. 3633 on May 14.
Committee Chair Tim Scott said the bipartisan markup followed nearly a year of negotiations. The vote, however, advanced legislation designed to establish clearer rules for digital assets.
Stablecoin Rewards and AML Rules Shape Senate Text
The Senate version adds provisions beyond asset classification. Reuters reported that the bill would restrict rewards on idle stablecoin balances while allowing some transaction-based rewards.
The bill would also place digital commodity exchanges, brokers, and dealers under Bank Secrecy Act obligations. That includes anti-money-laundering rules and customer-identification requirements.
The text includes a fundraising exemption for certain crypto companies and a test to determine when DeFi platforms are sufficiently decentralized. It also says tokenized securities remain subject to securities laws.
Legislative Hurdles Threaten July 4 Timeline
Notably, the July 4 target remains challenging because the Senate’s market structure legislation is not yet finalized. Davis Wright Tremaine noted that lawmakers must first reconcile the draft with the Senate Agriculture Committee’s Digital Commodity Intermediaries Act before advancing a final Senate version.
Even after a final Senate bill emerges, it would still need to be reconciled with the House-passed CLARITY Act before being sent to President Trump for signature. With key policy questions still under discussion and lawmakers juggling competing priorities, there is little room for delays if Congress hopes to meet the White House’s July 4 goal.
For crypto firms, the stakes are tied to regulatory certainty. Treasury Secretary Scott Bessent has urged Congress to act, citing clearer digital asset rules in Abu Dhabi and Singapore.
Related: White House to Meet Law Enforcement on Wednesday Over CLARITY Act