White House officials, especially top crypto advisor Patrick Witt, have tried to keep the Clarity Act moving forward in the Senate, including holding prior meetings with those who have opposed it, such as law enforcement groups and Wall Street bankers. White House representatives did not immediately respond to requests for comment on the meeting scheduled for Monday, which was intended to resolve 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 host 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 imposing real regulatory restrictions on companies and actors who are currently living in a state of uncertainty.”
To law enforcement officials, he argued: “You should be the biggest supporters of this bill, because this is really what’s missing.”
Meanwhile, political opponents of the Clarity Act, such as Senator Elizabeth Warren, the top Democrat on the Banking Committee, have maintained a steady stream of criticism on the legislation’s illicit finance front. They routinely cite the use of cryptocurrencies by criminal groups, drug cartels and human traffickers.
