White House officials — notably chief crypto adviser Patrick Witt — have tried to keep the Clarity Act moving in the Senate, including holding earlier meetings with those who have objected, such as law enforcement groups and Wall Street bankers. White House officials did not immediately respond to requests for comment on the expected Monday meeting, which meant to address some of the remaining concerns, and few details were available.
Industry groups such as the Blockchain Association have defended the legislation’s crime-fighting tools, arguing that the bill includes a range of new powers to pursue bad actors and that the absence of a new law will leave a void.
At an industry-hosted event earlier this month, White House adviser Witt said: “We are putting real regulatory constraints on companies and actors who are currently living in a state of uncertainty.”
To law enforcement officials, he argued, “You should be the biggest cheerleaders for this bill, because that’s really what’s missing.”
Meanwhile, the Clarity Act’s political opponents, such as Sen. Elizabeth Warren — the top Democrat on the Banking Committee — have maintained a steady stream of criticism on the legislation’s illegal finance front. They routinely cite crypto’s use by criminal groups, drug cartels and human traffickers.
