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Techub News reports that, according to Bitcoinist, Patrick Witt, Executive Director of the U.S. President's Advisory Council on Digital Assets, aims to pass the CLARITY Act before July 4th as a gift for the 250th anniversary of the United States. The bill plans to be marked by the Banking Committee this month, pass the Senate in June, and then be voted on in the House of Representatives. Banking trade groups believe the draft falls short in banning stablecoin yields and plan to increase lobbying efforts. Senator Kirsten Gillibrand stated that unless provisions are added to prohibit officials from holding interests related to the cryptocurrency industry, the bill may be delayed until the first week of August.