Patrick Witt brings CLARITY Act update to Solana Summit panel

Patrick Witt, a White House digital assets advisor, attended the Solana Summit in New York on April 13, signaling a potential policy update ahead of a panel on crypto regulation in Washington. His appearance coincided with the CLARITY Act moving toward a Senate Banking Committee markup later this month.

Solana Summit highlights crypto regulation agenda

Witt said on X that he was “excited” to join @millercwl at the Solana Summit, adding that they would discuss crypto regulation and legislation in Washington.

The Solana Policy Institute hosted the event in New York City on April 13. The program brought together policy, finance, and blockchain executives to discuss a range of topics, including crypto regulation, Web3 policy, DeFi adoption, and institutional blockchain use. Organizers also focused on how decentralized networks fit into modern finance.

Other speakers included SkyBridge Capital founder Anthony Scaramucci and Solana Foundation President Lily Liu. Representatives from Grayscale, Citibank, Fidelity, and Bitwise also participated.

CLARITY Act advances toward Senate Banking Committee markup

The CLARITY Act would define digital commodities and investment contract assets in federal law. It would also divide oversight responsibilities between the SEC and the CFTC.

The bill passed the House and is now nearing Senate review. The Senate Banking Committee is targeting a markup in late April 2026.

Lawmakers and industry groups have delayed the bill several times during negotiations. The central dispute described in the article concerns whether stablecoins should be allowed to offer yield.

Stablecoin yield debate remains unresolved

Coinbase chief executive Brian Armstrong has argued that yield is needed for fair competition and said Americans should have the opportunity to earn more on their money.

Banks, including Morgan Stanley and Standard Chartered, have raised concerns that yield-bearing stablecoins could shift trillions from bank deposits.

Witt comments on negotiations ahead of committee action

Witt addressed the issue during a “Crypto in America” podcast episode, saying senators were still weighing views before the committee markup.

He said he was “very confident” that negotiators had reached a compromise, while adding that neither side appeared satisfied. Witt also cited Senator Olsen Brooks in describing the talks, saying both sides could dislike the outcome yet still accept it.

“We don’t love this…but we can live with it,” Witt said, noting that negotiators had reached that point.