Speaking at a conference in Miami, White House Digital Assets Advisory Council Executive Director Patrick Witt said the administration is targeting the U.S. Independence Day deadline for the crypto legislation. Witt described the date as a symbolic milestone ahead of America’s 250th anniversary. Under the proposed timeline, the Senate Banking Committee is expected to review the draft this month, followed by a full Senate vote in June.
The accelerated schedule signals a much faster process than previous expectations from Senator Kirsten Gillibrand, who had projected the bill could reach the President’s desk by August. While acknowledging the ambitious timeline, Witt said the goal remains achievable. He also noted that major disagreements surrounding stablecoin yield structures have largely been resolved.
Under the proposed framework, stablecoins offering bank-like interest returns would be prohibited, while reward systems tied to spending activity could still be allowed. Witt warned that if the U.S. fails to establish clear crypto regulations quickly, countries such as China could shape the global standards instead. He emphasized that maintaining America’s dominance in global capital markets requires taking the lead in digital asset regulation.
