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White House crypto advisor defends the "Clear Act," legislative window may only last a few more months
Deep Tide TechFlow News, June 5th, according to The Block, White House cryptocurrency advisor Patrick Witt, at a virtual town hall hosted by the Blockchain Association, characterized the "Clear Act" as a bill that "supports regulation and enforcement," responding to concerns from law enforcement agencies that the bill weakens the fight against financial crimes. Senator Lummis warned that if the bill is not passed this year, it may not be brought up again until 2030.
Currently, the bill faces multiple obstacles, including disputes over anti-money laundering provisions, whether the Blockchain Regulatory Certainty Act (BRCA) exempts non-custodial developers from fund transfer obligations, and unresolved conflicts of interest related to Trump's own crypto investments. Democratic Senator Cortez Masto voted against the bill last month, believing it hampers law enforcement's ability to track illegal funds.