PANews reported on May 7th that, according to The Block, 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 Act into law before the July 4th deadline. He believes the Senate may advance the legislation in June, allowing sufficient time for the House of Representatives 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 still "falls short." 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.