The White House plans to promote the passage of the cryptocurrency market structure bill before July 4th

According to The Block, Patrick Witt, the executive director of the White House Digital Asset Advisory Committee, stated at the Consensus conference that the goal is to pass the crypto market structure bill into law before the deadline. He believes the Senate may advance the legislation in June, allowing enough time for the House to pass its version as well.

The main obstacle for the bill in the Senate Banking Committee is the handling of stablecoin rewards. The compromise language released last week seems to have resolved this issue, but the banking industry association believes there are still "insufficiencies." Additionally, ethical provisions have become a new focus. New York Senator Kirsten Gillibrand stated that she would not support the bill without ethical provisions. Witt mentioned that discussions with Democrats are progressing well, and the rules will apply equally to new interns in the White House and Capitol Hill, without targeting specific individuals.