The White House’s top crypto adviser, Patrick Witt, has set July 4 as the target date to pass broad crypto legislation into law, calling it a “tremendous birthday present for America” as the country celebrates its 250th anniversary.

Speaking Wednesday at the Consensus conference in Miami, Witt — who serves as executive director of the President’s Council of Advisors for Digital Assets — said he believed the Senate could advance the legislation in June, leaving enough time for the House to reconcile its own version, which passed last year.

What the bill would do

The legislation would regulate the crypto industry at the federal level for the first time, dividing jurisdiction between the Commodity…