According to CoinDesk, Patrick Witte, Executive Director of the President's Council on Digital Assets, stated that the White House is targeting July 4th for the passage of the Digital Asset Market Clarity Act, calling it "a huge birthday gift for America." The mechanics: Senate Banking Committee markup in May, four working weeks on the Senate floor in June, and then a vote in the House before Independence Day. Witte reported that the compromise on stablecoin yields — banning yields equivalent to bank deposits while allowing rewards for spending — is "closed," and negotiations on the conflict of interest provision are close to resolution, provided that no individual official is singled out.