White House Crypto Advisor Warns Clarity Act Legislative Window Is Closing, Key Procedural Vote Set for Sept. 15
TechFlow reports, September 12 — According to Forbes, Patrick Witt, Executive Director of the White House Digital Asset Advisory Council, stated that the legislative window for the US Clarity Act on crypto market structure is narrowing. If the procedural vote this week fails, there will be significant uncertainty regarding when the bill can advance again. The bill is currently scheduled for a procedural vote on September 15.
US Treasury Secretary Scott Bessent also urged lawmakers to continue advancing the bill, warning that if it fails, it would send a "concerning signal" to the world regarding the United States' leadership in the crypto industry. The revised bill has incorporated 114 amendments proposed by Democrats, but according to Politico, it has yet to secure support from Democratic senators, with at least six Democratic votes required for the bill to advance.
Market figures including CK Zheng, founder of ZX Squared Capital, believe that if the Clarity Act is formally enacted into law, it could prompt large institutional players who have been awaiting regulatory clarity to accelerate their entry into the crypto market. Meanwhile, Coinbase CEO Brian Armstrong previously stated that Bitcoin reaching $400,000 by 2030 is a "reasonable target," corresponding to an approximate market capitalization of $8 trillion.
