US Officials Signal Dim Prospects for Clarity Act, Shift Focus to Existing Regulation

White House crypto advisor Patrick Witt and Assistant Treasury Secretary Luke Pettit stated that the Digital Asset Market Clarity Act is unlikely to pass during the upcoming lame-duck session of Congress. Officials indicated that the regulatory focus is shifting toward utilizing existing legal frameworks and administrative authority by agencies like the SEC and CFTC rather than waiting for new legislation. This follows the Senate's recent failure to advance the bill, with officials emphasizing that regulatory efforts will proceed despite potential legal challenges to agency-led rules.