White House officials — especially lead crypto adviser Patrick Witt — have sought to keep the Clarity Act moving forward in the Senate, including holding previous meetings with those who have objected, such as law enforcement groups and Wall Street bankers. Representatives of the White House didn’t immediately respond to requests for comment on the expected Monday meeting, which meant to work through 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 number of new powers for pursuing bad actors, and that the absence of a new law will leave a vacuum.
At an industry-hosted event earlier this month, White House adviser Witt said, “We’re putting real regulatory constraints on businesses and actors that currently live in a state of uncertainty.”
To law enforcement officials, he argued, “You should be the biggest cheerleaders for this bill, because this is really what is missing.”
Meanwhile, the Clarity Act’s political opponents, 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 crypto’s use by criminal groups, drug cartels and human traffickers.