White House advisor to discuss key legislation today

Patrick Witt, Executive Director of the President's Council of Advisors for Digital Assets, attended the Solana Summit today in New York City. 

"Excited to join @millercwl tomorrow at the Solana Summit to discuss the latest on crypto regulation and legislation in DC," Witt wrote on X. 

Witt's attendance comes at a pivotal moment for United States crypto legislation, with the fate of the CLARITY Act hanging in the air. 

Related: Solana Policy Institute president says crypto bill will ‘move’ as Senate advances draft

What Is the Solana Summit?

Taking place on April 13, 2026, in New York City, the Solana Summit by Solana Policy Institute brings together leaders from policy, finance, and blockchain to explore key topics, including crypto regulation, Web3 policy, DeFi adoption, and institutional blockchain integration.

Hosted by the Solana Policy Institute, the summit focuses on how decentralized networks like Solana fit into modern finance and the role of clear regulation in fostering innovation.

This year, some of the key speakers, apart from Witt, include Anthony Scaramucci, Founder of SkyBridge Capital; Lily Liu, President of the Solana Foundation; and representatives from Grayscale, Citibank, Fidelity, and Bitwise.

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Where does crypto regulation stand as of now?

The CLARITY Act, formally the Digital Asset Market Clarity Act, draws a permanent statutory line between digital commodities and investment contract assets. 

It will give more clarity on oversight responsibilities for the Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission.

The bill has already cleared the House and is now approaching a critical Senate juncture. The Senate Banking Committee markup is targeted for late April 2026.

However, it has already been delayed multiple times as neither crypto leaders nor banking giants are coming to a compromise on the clauses. 

The biggest point of conflict is whether yields on stablecoins should be allowed or not. Crypto leaders like Coinbase CEO Brian Armstrong suggest it is necessary for fair competition and the opportunity for Americans to earn more on their money. But banks like Morgan Stanley and Standard Chartered warn that this will pull out trillions of dollars in bank deposits toward stablecoin. 

In a recent podcast episode of Crypto in America, Witt said that while senators are still taking into account the various opinions ahead of the markup, he is
"very confident" that some form of compromise has been reached. 

“And that's not to say that crypto is thrilled about it or banks are thrilled about it. But as Sen. Olsen Brooks said a few weeks ago, this is one of the issues where we will know we got it right when both sides are kind of equally unhappy and then through gritted teeth say 'We don't love this...but we can live with it.' I think we have probably arrived at that place.”

Last week, Treasury Secretary Scott Bessent, in an opinion piece, urged the Senate Banking Committee to hasten the markup. He warned that delays are creating confusion for investors and are pushing innovation out of the country.

Related: Coinbase goes on offense, suing SEC and FDIC for clarity on crypto regulations