The White House plans to push for the passage of the crypto market structure bill by July 4.

CoinFeed reported on May 7th, citing The Block, that Patrick Witt, executive director of the White House Digital Assets Advisory Council, stated at the Consensus conference that the goal is to pass the Crypto Markets Structure Bill into law before the July 4th deadline. He believes the Senate may advance the legislation in June, allowing sufficient time for the House to also pass its version. The main obstacle to the bill on the Senate Banking Committee is the handling of stablecoin rewards. While the compromise language released last week appears to have addressed this issue, the banking industry association believes it is still "insufficient." Furthermore, the ethics clause has become a new focus. New York Senator Kirsten Gillibrand stated that she would not support the bill without an ethics clause. Witt said discussions with Democrats are progressing well, and the rules will apply equally to the president and new interns on Capitol Hill, without targeting any specific individuals.