White House crypto chief Patrick Witt chairs three-way Senate talks on CLARITY ethics rules as Trump family holdings near $2.3B threaten voting timeline.
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White House Crypto Council chief Patrick Witt is shuttling between Senate Banking Chairman Tim Scott and Ranking Member Elizabeth Warren over a single issue: ethics rules in the CLARITY Act. The dispute is the last sticking point before the bill can reach a floor vote.
The president's family holds an estimated $2.3 billion in crypto assets. That figure, drawn from a recent watchdog analysis, covers the World Liberty Financial decentralized finance project and the TRUMP meme coin. Critics on both sides of the aisle say the law should not govern a sector where the president has a direct personal stake.
The CLARITY Act would create a federal framework for digital assets. It entered final review last month with a July 4 text release. The three-way talks are meant to resolve whether the bill should include a blanket conflict-of-interest waiver for presidential holdings, a narrower disclosure requirement, or no special ethics provisions at all.
Scott has pushed for lighter rules, arguing that broad ethics language would slow innovation. Warren wants stricter oversight. Witt is trying to broker language that both sides can stomach, multiple people familiar with the discussions said. The White House declined to comment on the closed-door sessions.
Without an agreement this month, the CLARITY Act may not reach a vote before the Senate recess at the end of July. The timeline pressure has weighed on the TRUMP token, which has fallen nearly 12% over the past week, according to CoinGecko data.
A source close to the talks said the next round is scheduled for Thursday. Witt's office has not confirmed a timeline. The delay has frustrated supporters of the bill, including some Republicans who say the ethics debate should have been settled before the text was released.
The $2.3 billion estimate includes Trump's stake in World Liberty Financial and the market value of the TRUMP token, which the president launched in January. The watchdog group that produced the estimate said it did not include indirect holdings through family trusts or real estate linked to crypto ventures.
For holders of the TRUMP token, the legislative calendar now matters more than any exchange listing or marketing push. A failed vote before recess would push the CLARITY Act into the fall, extending the regulatory vacuum that the bill is designed to fill. The talks on Thursday will determine whether the path stays open or closes until September.
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