White House officials — particularly top crypto adviser Patrick Witt — have sought to advance the Clarity Act in the Senate, including holding earlier meetings with those who have opposed it, such as law enforcement groups and Wall Street bankers. White House officials did not immediately respond to requests for comment on Monday’s planned meeting, which was aimed at resolving 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 to pursue bad actors and that the absence of a new law would leave a void.
At an industry event earlier this month, White House adviser Witt said, “We are imposing real regulatory constraints on businesses and stakeholders who are currently living in a state of uncertainty.”
To law enforcement officials, he said, “You should be the biggest supporters of this bill, because that’s really what’s missing.” »
Meanwhile, political opponents of the Clarity Act, like Sen. Elizabeth Warren, the top Democrat on the Banking Committee, have maintained a steady stream of criticism on the legislation’s illicit financing front. They regularly cite the use of cryptography by criminal groups, drug cartels and human traffickers.
