Digital Asset Market Clarity Act: White House Pushes July 4 Vote, USDC Yield Limits

The White House is targeting July 4 for Congress to pass the Digital Asset Market Clarity Act, with Patrick Witt (President’s Council of Advisors for Digital Assets) calling the timeline “challenging but achievable.” Witt said the drafting involved both banks and crypto firms, but both sides are “equally dissatisfied,” suggesting a compromise that could still face amendments and negotiation risk. The bill’s market-impact angle includes stablecoin policy changes. Under the updated Digital Asset Market Clarity Act, deposit-like yields for USDC-style stablecoins are banned, while spending-based rewards remain allowed. Separately, U.S. agencies are also nearing a July deadline to issue rules under the prior “Guiding and Establishing National Innovation for U.S. Stablecoins Act,” with Treasury, the OCC, and the FDIC coordinating input. For traders, the Digital Asset Market Clarity Act is a near-term catalyst for repricing compliance costs, custody expectations, and liquidity—especially in stablecoin markets. But with dissatisfaction on both sides and the potential for political or procedural delays, volatility around the bill’s passage path remains likely.